White House Exerts Control Over Finance Regulators

The White House’s new policy requiring independent agencies to present major pending rules and guidance to the federal budget office could increase its political control over financial regulators and their economic analysis of regulations.

The Office of Management and Budget’s April 11 memo ordering the submissions said they will allow the White House budget office to determine whether the rules qualify as “major” under the Congressional Review Act and potential congressional action.

The OMB and the Office of Information and Regulatory Affairs’ access to regulators’ insight on pending rules could give them a chance to delay rules that they deem ...