Tag:Regulation
Congress Trades on Trust
When Nancy Pelosi releases financial disclosures related to stock trades, those disclosures are filed with the Clerk of the House of Representatives. The Clerk publishes all financial disclosures on clerk.house.gov under the “disclosures” tab. Shortly thereafter, Pelosi’s stock trading disclosures are re-published on TikTok and Reddit where Zoomers and Millennials are copying all of her trades. According to a Pelosi spokesperson, she does not “personally own any stocks and that the transactions are made by her husband”. The Stock Act requires Pelosi to disclose these transactions within 45 days due to the fact that they are made by a member of her immediate family.
Federal Trade Commission Accuses Chegg of “Careless” Data Security
On Monday, October 31, the U.S. Federal Trade Commission (FTC) called on education technology provider Chegg, Inc. (Chegg) to bolster its data security, citing lax security practices that regulators said exposed the personal data of more than 40 million Chegg users. The exposed personal information included names, email addresses, passwords, and for certain users, sensitive scholarship data such as dates of birth, parents’ income range, sexual orientation, and disabilities.
No Payday for the CFPB: A Recent 5th Circuit Decision Jeopardizes the CFPB and its Funding
A decision filed October 19, 2022 by the Fifth Circuit Court of Appeals has vacated a payday lending rule put in place by the Consumer Financial Protection Bureau (CFPB). The rule was put in place to prevent predatory lending practices and unfair practices in their collection. The court decision was not based on the rule being unconstitutional but rather based in how the bureau is funded. The decision has overreaching implications on the future enforcement of CFPB rules.
FIFA Needs a Referee: A Lesson on Corruption
The Fédération Internationale de Football Association (FIFA) deserves praise for growing the beautiful game of soccer since their founding in 1904; however, today the international governing body needs fixing. FIFA exists to govern football and to develop the game around the world. While FIFA preaches access and inclusivity, it has been plagued by corruption from the inside.
Agency Officials Trade Stock in Companies their Agencies Oversee
More than 2,500 government officials ranging from the Commerce Department to the Treasury Department reported owning stock in companies whose share prices correspond to decisions made by their respective agencies. With obvious conflicts of interest arising, what has happened, and what are some major takeaways from this investigative report?
DEA Attempts to Regulate Telehealth Prescription of ADHD Medication
The U.S. Food and Drug Administration (FDA) and the U.S. Drug Enforcement Administration (DEA) have guarded controlled substances zealously since the inception of the Controlled Substances Act (CSA), passed in the 1970s. However, the coronavirus (COVID-19) pandemic challenged nearly all of society’s conventional protocols, and the federal government responded to concerns that patients wouldn’t receive care by loosening its regulations for healthcare services. In 2020, the DEA permitted health providers to prescribe schedule II-controlled substances to patients via telehealth appointments instead of in-person visits. Now, two years later, the FDA has confirmed an Adderall shortage, which is a schedule II controlled substance that is in high demand and used to treat attention-deficit/hyperactivity disorder (ADHD). The Justice Department’s DEA division has initiated probes against various online mental health companies and worries that the drug is overprescribed and abused by young adults.
The SEC and Its New Marketing Rule: Testimonials and Endorsements
The Securities and Exchange Commission’s (SEC) new marketing rule will take effect on November 4, 2022. Advertising and solicitation regulations have undergone a major overhaul after decades of continuity. Further, testimonials and endorsements are no longer prohibited, but their use will be conditioned on compliance with certain provisions. The new rule only applies to financial adviser’s communications that are advertisements, as defined in the new rule.
Big Tech & Its Algorithms: Is It Time to Hold Them Accountable?
It’s no secret that companies like Google, Alpha, Meta, and Twitter use and sell our data. However, in recent years, the content that companies display to us while we use their platform, from the ads we see to the websites that we find on search engines, has become a major contentious issue. While Section 230 of the 1996 Communications Decency Act shields Big Tech and other online platforms from liability for user-generated content, the Supreme Court recently announced that it will hear Gonzalez v. Google. The outcome of this case could have a huge impact on tech policy and could fundamentally change the type of content that we see online.
Buy Now, Pay Later: A Lesson in Economics for Millennials and Gen-Z
The 2008 financial collapse occurred when banks began substantially increasing access to debt in the form of adjustable-rate mortgages. These types of mortgages allowed borrowers to take out home loans at an intertest rate that would increase over time. This meant that more borrowers could afford the initial mortgage payments but would end up defaulting on the loans when their adjustable interest rates kicked in. The banks then packaged these high-risk loans together and sold them as securities to mutual funds, investment banks, and pension funds. When most of these high-risk loans defaulted, the market crashed. The collapse occurred in part because the housing market lacked the regulations needed to deter this kind of high-risk lending. The recession that followed cost thousands of jobs, homes, and retirement accounts.
Department of Education Reinforces Protections Under Title IX
It has been more than 100 days since the overturning of Roe v. Wade. In the wake of this decision, on October 4, the Biden administration reinforced guidelines regarding legal protections related to abortion and pregnancy under Title IX.