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CRE has written the Inspector General of the General Accountability Office to request that they investigate GAO’s compliance with the requirements of Congressional Review Act regarding the internet gambling rulemaking. OMB determined that the UIGEA is a major rule under the CRA and an economically significant regulatory action under EO 12866. GAO wrote their deficient report despite a CRE letter to GAO documenting specific procedural deficiencies by Treasury and the Federal Reserve in the UIGEA rulemaking. In their report, GAO ignored SBA’s determination that the Treasury Department and the Federal Reserve did not adequately assess the small business impacts of the rule under the Regulatory Flexibility Act. The report also did not explain that the final rule falsely stated that Treasury received authorization from OMB under the PRA for the information collection. America’s financial institutions are in crisis. GAO’s failure to inform Congress that small banks did not receive statutorily-mandated protections in the UIGEA rulemaking needs to be rapidly addressed. |
®: CRE Regulatory Action of the Week