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OMB Watch, an NGO concentrating on Office of Information and Budget issues, recently published an article Cass R. Sunstein. Mr. Sunstein is President Obama's nominee for Administrator of the OMB Office of Information and Regulatory Affairs. The OMB Watch article criticizes some of Mr. Sunsteins' prior publications on regulatory law and policy, especially with regard to the importance of cost benefit analysis when regulating. The article quotes several well-known environmental activists who are concerned that Mr. Sunstein may not share all their views about how to regulate. Those quoted include Gary Bass, executive director of OMB Watch. Most of the OMB Watch article is devoted to concerns about how Mr. Sunstein would regulate health, safety and the environment. The article does, however, note the Chicago Tribune's opinion that Mr. Sunstein's nomination to OIRA signals the President's "commitment to overhaul regulatory processes that determine both financial sector regulations and health, safety, and environmental regulations" (emphasis added). The country is currently dealing with serious financial problems that require review of many of our current financial regulations and regulatory structures. Mr. Sunstein's tenure may well be marked by increased OIRA involvement in the financial sector. We would be interested in reading OMB Watch's opinion about this issue. |
®: CRE Regulatory Action of the Week