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Financial Services Law Insights and Observations

Biden freezes regulations

Federal Issues Agency Rule-Making & Guidance Biden

Federal Issues

On January 20, the Biden administration issued a memo directing the heads of executive departments and agencies across the federal government to “immediately withdraw” or delay action on any pending regulations not yet published in the Federal Register. The memo, among other things, directs departments and agencies to withdraw any new finalized rules that have not yet been published in the Federal Register in order to seek approval from a department or agency head appointed or designated by President Biden. Departments and agencies are also encouraged to “consider” 60-day postponements for published rules that have not taken effect yet to allow for 30-day public comment periods and to consider petitions for reconsideration. The memo, which does not specify which departments or agencies are covered, allows for exceptions in “emergency situations or other urgent circumstances relating to health, safety, environmental, financial, or national security matters, or otherwise.”

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