The business community as a whole can expect President Obama’s second term to be one of most intense periods of regulatory activity in nearly 40 years. But the health care, energy, and financial services industries will be the hardest hit. From law firm Venable:
“Several themes will shape the regulatory process over the next four years.
1. Continuing gridlock between the parties will make it very difficult for Congress to adopt any legislation that is not supported by a broad consensus. Policymaking will be driven by the administrative and regulatory decisions of Executive agencies.
2. The expected increase in domestic energy supplies, especially the availability of cheap oil and natural gas obtained from shale formations, will have significant impacts on the next generation of regulations. This effect will be most pronounced for the rules that offer the largest benefits and impose the greatest costs – Clean Air Act rules issued by the Environmental Protection Agency.
3. If the President had been defeated, the Administration was prepared to publish by January 20 a large number of “Midnight Rules” that the White House had held at the Office of Management and Budget throughout 2012 to avoid creating reelection problems. The pace of regulatory activity will increase substantially over the next few months as this backlog is reduced and the White House clears rules for publication.
4. Given the impasse in Congress, the principal recourse for entities adversely affected by the forthcoming wave of rules will be litigation. This likely will lead to a substantial increase in the regulatory lawsuits filed in the District of Columbia.”
Read the full update, The Imminent Wave of Federal Regulations – Venable LLP>>