Congress has roughly one more month to take advantage of the rarely-used Congressional Review Act (CRA) to repeal any laws former President Barack Obama implemented shortly before his White House exit. Under the CRA, the president and Congress have 60 legislative days after a new rule is first implemented to repeal that rule with a simple majority vote in both the House and the Senate. Since the CRA was passed in 1996, it had only been used one other time prior to this year.
Trump And The CRA
President Donald Trump and Congress have already used their CRA authority to eliminate several Obama administration regulations. Among the 11 regulations Trump has already repealed via the CRA are a ban on hunting bears from airplanes in Alaska, a ban on selling firearms to mentally ill Americans and a ban on internet service providers (ISPs) collecting and selling customer data such as internet browsing history to advertisers.
“CRA resolutions are payback to the corporate class that elected Republicans to Congress and are designed to roll back measures that have overwhelming public support,” Public Citizen Vice President Lisa Gilbert said.
While it has been well more than 60 days since Trump took office, the CRA window extends to 60 legislative days, meaning Trump and Congress have roughly one more month to repeal qualifying Obama-era rules.
According to congressional Republicans, the most likely rule to be repealed is a rule requiring companies to locate and repair methane gas leaks in pipelines, equipment and wells.
What’s Next?
In addition, Congress could act on any of four other CRA-qualified rules already introduced in both chambers as well:
- A rule preventing coal companies from selling coal obtained from public land to subsidiaries at artificially depressed prices.
- A chemical safety rule aimed at preventing catastrophes at chemical facilities and informing the public of chemical-related risks.
- A rule aimed at improving fee transparency, increasing fraud prevention and limiting overdraft fees associated with prepaid credit cards.
- A rule protecting clear and clean air in Utah national parks.
Trump’s Theory On Corporate Regulations
Throughout the campaign season, Trump argued corporate regulations such as the ones described above place an unnecessary burden on U.S. corporations.
Since Trump was elected, investors have certainly gained…
Click here to continue reading
Want to learn more about how to profit off the stock market? Or maybe you just want to be able to look sophisticated in front of your coworkers when they ask you what you are reading on your Kindle, and you’d prefer to tell them “Oh, I’m just reading a book about stock market analysis,” rather than the usual “Oh, I’m just looking at pics of my ex-girlfriend on Facebook.” For these reasons and more, check out my book, Beating Wall Street with Common Sense. I don’t have a degree in finance; I have a degree in neuroscience. You don’t have to predict what stocks will do if you can predict what traders will do and be one step ahead of them. I made a 400% return in the stock market over five years using only basic principles of psychology and common sense. Beating Wall Street with Common Sense is now available on Amazon, and tradingcommonsense.com is always available on your local internet!
