Memorandum Concerning Regulatory Review

On January 20, 2009, the White House issues a memorandum concerning Regulatory Review. In response, the Office of Management and Budget (OMB) has issued a memorandum concerning Implementation of Memorandum Concerning Regulatory Review. Obama Administration to Make Regulatory Review (aka Freeze on Regulations by Obama Administration) discusses how public objections from Congressman George Miller (House Education and Labor Committee Chairman) and Congressman Rob Andrews (D-New Jersey) make it likely that changes that will be made to DOL Final Regulation – Investment Advice – Participants and Beneficiaries. It also suggests the following regulations may be reviewed:

• DOL Final Regulation - Civil Penalties Under ERISA Section 502(c)(4)
• IRS Notice 2008-113 – Relief and Guidance on Corrections of Certain Failures of a Nonqualified Deferred Compensation Plan to Comply with § 409A(a) in Operation
• "PBGC final regulations on allocation of unfunded vested benefits to withdrawing employers from a multiemployer pension plan, published 12/30/08"

Related Links:

• White House Memo Regarding Status of Pending Regulations
• Emanuel’s memo may put DOL advice rule at risk
• Obama Administration to Make Regulatory Review (aka Freeze on Regulations by Obama Administration)
• White House Executive Order Snares Fee Disclosure, Advice Regs