By Damian Paletta Damian Paletta Reporter covering economic policy Email Bio Follow April 11 at 1:49 PM The White House on Thursday for the first time said it was requiring the Federal Reserve and oth
er independent agencies to submit new guidelines for review, a controversial step that has long been a goal of conservative groups.
Although the chairpeople of these agencies are often appointed by the president and confirmed by the Senate, their policies are established by the vote of a commission with bipartisan membership. And, unlike agencies such as the Treasury Department whose leadership reports directly to the president, historically the White House has not had authority over their actions.
A regulation is considered “major” if it has an annual impact on the economy of $100 million or more, could increase costs for consumers or businesses, or adversely impact competition. If a regulation is determined to be “minor,” then it would not be subject to congressional review. Vought’s letter describes the new White House requirements as being consistent with its powers under the CRA.
While the new OMB review has been in the works for a long period of time, it coincides with a push by the White House to dramatically increase pressure on the central bank and make it more accountable to political leaders.
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