A Collaborative Effort in Defeating Healthcare Cyber Attacks
In an effort to improve cybersecurity in the healthcare sector, a bipartisan bill was introduced in Congress on September 13, 2022, by Republican Brian Fitzpatrick of Pennsylvania and Democrat Jason Crow of Colorado. The Healthcare Cybersecurity Act relies on a partnership between the Cybersecurity and Infrastructure Security Agency (CISA) and the Department of Health and Human Services (HHS) to work together in improving cybersecurity in the healthcare sector. The Act has been introduced as a result of record high increases in health data breaches across the country over the last several years. The goal is to provide resources for training and heighten efforts taken across the nation to mitigate cybersecurity risk. The Act would not only improve patient care but save healthcare cost by taking a proactive approach.
The Long Road Toward Federal Data Privacy
In June of this year, the U.S. House Committee on Energy and Commerce’s Subcommittee on Consumer protection and Commerce met regarding the American Data Privacy and Protection Act (ADPPA). At this meeting the committee members highlighted that this bill, seeking to establish federal data privacy, is intended to be a compromise on the topic of federal privacy legislation as committee members from both sides agree that a federal privacy act is necessary.
Is Stablecoin Really Stable?
On June 22nd, ten-year-old Yuna was reported missing by her teachers. Just one week later, the police discovered a sedan in the southernmost coast of South Korea, two hours away from Yuna’s home. The three bodies recovered belonged to Yuna and her parents, both in their thirties. The police suspected suicide. Among the parent’s last online searches included “LUNA,” “sleeping pills,” and “how to commit suicide.” Evidence further suggested that Yuna’s parents were unemployed, invested their lives savings into the cryptocurrency market, and struggled from financial debt of $100,000.
Congress Should Revisit the Federal Vacancies Reform Act
In 1998, Congress passed legislation to address vacancies created when a high-ranking official of an executive branch agency leaves their position. The Federal Vacancies Reform Act (FVRA) establishes a time limit of 210 days from the date of a vacancy for which a person may serve in an acting capacity in a position that is otherwise nominated by the President, with advice and consent of the Senate. The FVRA allows acting officials to serve beyond that time if there is a first or second nomination pending in the Senate for the vacancy. However, certain agencies have supplemental succession plans within their enabling statues that may supersede or complicate the FVRA.
Stablecoins III: The Stablecoin TRUST Act of 2022
On Wednesday, April 6, 2022, Senator Pat Toomey of Virginia released a discussion draft of the Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022, also known as the Stablecoin TRUST Act (“the TRUST Act”). This new legislation, introduced in the United States Senate, aims to create a three-pronged regulatory framework for the issuers of stablecoins in the United States. Like similar bills on the topic of stablecoin, such as the Stablecoin Innovation and Protection Act of 2022, the bill is short at only fourteen pages long. Where the bills differ is immediately noted in the more robust definitions section of the TRUST Act which lays out a six-part definition of “payment stablecoins” that covers the design intent of a stablecoin, who can issue a stablecoin, whether the holder can inherently earn interest, and where the stablecoin transactions are recorded.
Stablecoins II: The Stablecoin Innovation and Protection Act of 2022
On Tuesday, February 15, 2022, Congressman Josh Gottheimer released a draft of the Stablecoin Innovation and Protection Act of 2022 (“the bill”). This legislation attempts to both define stablecoins as well as provide a legal framework in which the issuers and users of stablecoins can safely and legally operate. The bill is surprisingly brief, only nine pages long, but Gottheimer claims that it will provide greater direction and certainty to the marketplace in order to boost innovation while also protecting consumers.
The First Cyber War: The Threat of Russian Cyberattacks has Thrust Cybersecurity Compliance into the Spotlight
The impact of Russia’s unprovoked attack on Ukraine on February 24, 2022 has not only caused a horrific human rights crisis but has also had a dramatic effect on how the world conducts business, felt well beyond the borders of Russia and Ukraine. Warnings of an imminent Russian cyberattack on critical United States infrastructure has small and large businesses alike brushing up their cybersecurity policies to ensure they are compliant with current best practices in the likely event of a Russian cyberattack and impending federal legislation.
A Way Around HHS 340B Program Delays
Access to quality, comprehensive health care services seems to always be at the forefront of our health care industry. One’s ability to gain access measured in terms of utilization, is dependent upon financial affordability, and physical accessibility. While a seemingly small issue under the overarching ‘access to health care’ topic, talks about access to medication and its affordability in particular for the vulnerable and underinsured patients must also be addressed. A number of health organizations have sued HHS for delaying the implementation of rules that would force drug companies to be transparent about their pricing and punish them for overcharging participating hospitals in the federal program that discounts outpatient medication. Due to HHS’ delays, hospitals cannot challenge drug manufacturers for overpricing outpatient medication thus they cannot access refunds of discounts that are due to them under statute.
New Senate Dealings Prepare to Ease Banking Regulations Under the Dodd-Frank Act
New discussions in the U.S. Senate indicate a likely repeal of 2010’s controversial Dodd-Frank Act. Designed in response to the 2008 economic crisis, the Dodd-Frank Act implemented regulations on banks and lending agencies to provide greater financial stability and consumer protection. The fundamental purpose of Dodd-Frank was to increase oversight and transparency among financial institutions. However, the Dodd-Frank Act has been the target of much criticism, most notably that its imposed regulations stifle the growth of smaller institutions. As of March 2018, Senate discussions indicate an intent to lay the foundations to remove this regulation.