Megan Aldworth Associate Editor Loyola University Chicago School of Law, JD 2023 While our world economy is driven by commerce, over the last few decades, it has become apparent that along with driving the economy, commerce is driving our planet into a state of emergency. According to the UN Secretary-General, “the climate emergency is …
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Black box warnings are assigned to prescription drugs by the U.S. Food and Drug Administration (FDA) to alert of serious sides effects, such as injury or death. The smoking cessation drug, Chantix, previously had one of these black box warnings attached to it, but that warning has since been removed. This transition from a “dangerous drug” to a non-dangerous drug raises various important regulatory concerns regarding the marketing of this drug and other popular prescription drugs as well as the role of the FDA in regulating “dangerous” drugs.
On the Friday before the 2022 midterm elections, the Illinois Democratic Party filed a legal complaint against the Darren Bailey campaign for governor. The complaint says that the campaign illegally coordinated with an independent political action committee (known as a super PAC). The super PAC, called the “People Who Play By The Rules PAC,” is led by Republican political operative, talk show host, and one-time failed gubernatorial candidate, Dan Proft. The People Who Play By The Rules PAC is funded almost entirely by billionaire businessman and Republican mega-donor, Richard Uihlein. The Illinois Democrats’ legal complaint was not filed not in court, but in front of the Illinois State Board of Elections – the state government body tasked with enforcing Illinois’ election laws. The complaint has not yet been made public.
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.
After five years, the Food and Drug Administration (FDA) has approved a drug for ALS (amyotrophic lateral sclerosis): Relyvrio. While the drug is expected to significantly prolong the life of ALS patients, who typically die within a few years after diagnosis, the fast approval of the drug raises concerns regarding the FDA’s fast-tracking process of approval.
On January 4th, 2023, the New York State Department of Financial Services made public that a $100 million settlement with the cryptocurrency exchange Coinbase Global Inc. (Coinbase) has been agreed to. The settlement follows an enforcement action imposed this past August aiming to regulate cryptocurrencies. With a lot of discussion happening given the recent collapse of FTX and anti-money laundering violations by Robinhood Markets, this action begs the question: should the digital currency industry be regulated nationwide and, if so, what should these regulatory agendas look like?
In an action meant to incentive companies to self-report their wrongdoings, the Justice Department (DOJ), has announced big changes to its Corporate Enforcement Policy (CEP). The Department of Justice has long been fighting against corporate criminality in its pursuit to maintain the integrity of the financial market. On January 17, Assistant Attorney General Kenneth A. Polite, Jr., announced revisions to the Criminal Division’s Corporate Enforcement Policy. Some of the revisions include up to a 75 percent reduction in fines for companies that voluntarily report their wrongdoings and fully cooperate with investigations and up to a 50 percent reduction for companies that fully cooperate with investigations even if they do not voluntarily disclose the crime. These incentives further soften the aggressive stance that the Biden administration originally took against Corporate America in 2021.
Megan Aldworth Associate Editor Loyola University Chicago School of Law, JD 2023 On December 14, 2022, the U.S. Securities and Exchange Commission (SEC) announced a proposal for Regulation Best Execution (Reg BE). The regulation would broadly affect those buying and selling securities in a wide array of markets. Reg BE would generally require broker-dealers …
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The Colorado River provides water to seven U.S. states and has been experiencing drought since 2000. Tensions are now rising among the seven states that depend on water from this river. At the request of the Bureau of Reclamation, states were supposed to reach an agreement for how to limit their water usage by January 31, 2023. However, as of February 14, 2023, no such agreement has been met.
The EPA is expected to introduce tougher heavy duty emissions rules in 2023 as part of the Clean Trucks Plan with the intent to inhibit a significant reduction in greenhouse gas emissions. The quicker these changes in the greenhouse gas rules are made, the better for the environment and the future of the efficiency of transportation. The application of these regulations will lead to more efficient transmissions across the country as it impacts a large variety of important vehicles.