The Trump administration issued new guidelines on Thursday that will expand White House and congressional oversight and review of federal agencies' rule-making processes, including those for traditionally independent agencies such as the Federal Reserve
The 15-page memo, issued by Office of Management and Budget acting Director Russell Vought, outlines how the OMB's Office of Information and Regulatory Affairs will be granted further jurisdiction in the regulatory process for all agencies. The memo, which goes into effect next month, will require agencies to submit regulations and official guidance to the Office of Information and Regulatory Affairs in order to determine whether the proposed rules are"major" or"minor.
These exemptions include the Federal Reserve's actions on setting interest rates -- a major target of President Donald Trump's frustration with the Fed.Vought tweeted that the new guidelines are"another promise kept by the Trump Administration to create a more open and transparent !"Further congressional oversight of federal regulations has been proposed by Republican members of Congress, including legislation sponsored by Sen. Rob Portman of Ohio and Rep.
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