Originally passed in 2003, the Illinois Affordable Housing Planning and Appeal Act (AHPAA) requires cities with populations of at least 1,000 residents and less than ten percent affordable housing to submit their affordable housing plans to the state. Gail Schechter sits on the Illinois Housing Appeals Board, but she has never heard a case. The board was brought together in 2009 and fully appointed by Governor Pat Quinn in 2012 to provide checks and balances while Illinois communities create affordable housing. Affordable housing developers who believe they have been treated unfairly or rejected by a municipality are given a chance to appeal a city’s decision to reject their project. However, developers are not utilizing the appeals process. According to Schechter via WBEZ, “a developer just wants to do business. If they can’t build what they want to build, they’ll go to another community.”
In January of 2021, Congress adopted substantial changes to the nation’s anti-money-laundering laws, including enacting a new federal statute, the Corporate Transparency Act (CTA or Act), that will establish a centralized database of corporate beneficial ownership. The CTA mandates that by 2025 (or, in some cases, by 2024) all domestic and foreign companies doing business in the U.S. must provide information about the true beneficiaries of their operations by complying with new reporting requirements. The legislation is designed to capture information on an estimated 32 million companies that operate in unregulated areas or are too small to trigger disclosure obligations under other federal laws yet can be used by criminals, terrorists, and other bad actors to hide money laundering and other illicit financial activities. The Treasury Department’s Financial Crimes Enforcement Network bureau (FinCEN) explained the need for a beneficial ownership database, stating, “Illicit actors frequently use corporate structures such as shell and front companies to obfuscate their identities and launder their ill-gotten gains through the U.S. financial system. Not only do such acts undermine U.S. national security, but they also threaten U.S. economic prosperity: shell and front companies can shield beneficial owners’ identities and allow criminals to illegally access and transact in the U.S. economy, while creating an uneven playing field for small U.S. businesses engaged in legitimate activity.” FinCEN issued its final rule on the CTA’s reporting requirements on September 29, 2022. Although the regulations resolve many of the issues that arose after the Act’s passage, a number of compliance challenges and questions still remain.
In Dobbs v. Jackson Women’s Health Organization (Dobbs), the US Supreme Court ruled that abortion is not a fundamental right protected by the Constitution. This decision resulted in additional abortion protections in California, Michigan, and Vermont, and prompted many patients, providers, regulators, and tech companies to rethink data privacy. However, because most abortions are still banned in at least 13 states, this patchwork of state abortion laws, combined with the lack of any sufficient national privacy law, puts patient privacy at risk.
Every three years, the Internal Revenue Service (IRS) releases the estimated gross tax gap calculated for the three years prior. Recently, the estimated tax gap for the years 2014 to 2016 was revealed to be $496 billion. This startlingly high number represents a continuing trend of noncompliance by American taxpayers that feeds into the federal budget deficit.
Over the last several weeks we have seen mass layoffs across big tech, including Salesforce, Twitter, and Meta. This comes after big tech peaked during the COVID-19 pandemic when it was essential to the nation in keeping us virtually connected. During the lock down tech giants’ profits soared as consumers upgraded devices, maximized increased storage, and were forced to get creative in communicating in the workspace. However, inflation, rising interest rates, and digital spending are driving big tech companies to implement large-scale layoffs as the economy prepares to take a downturn. While Meta CEO, Mark Zuckerberg, described the announcement as one of his hardest decisions, Twitter CEO, Elon Musk, has taken a different approach, causing continuous chaos that has led to compliance risks.
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 …
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.