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Agency Rulemaking Highlights
Amending Waters of the United States Rule
The Environmental Protection Agency (EPA) and the Army Corps of Engineers are amending the “Revised Definition of ‘Waters of the United States’” rule from January 2023 to conform with the Supreme Court decision in its 2023 case, Sackett v. EPA. The Supreme Court’s interpretation of the Clean Water Act in Sackett rendered portions of the January 2023 rule invalid. This rule amends portions of the January 2023 rule to make the rule consistent with the Supreme Court’s decision. See fact sheet for more details. Effective upon publication in the Federal Register.
Overtime Protections for Low-Paid Salaried Workers
The Department of Labor is proposing to restore and extend overtime protections and to guarantee overtime pay for most salaried workers earning less than $1,059 per week or about $55,000 per year. Comments due 60 days following publication in the Federal Register.
Tax Rules and Digital Assets
The Internal Revenue Service is proposing regulations regarding information reporting, determination of amount realized and basis for some digital asset sales and exchanges. The proposal would require brokers, including digital asset (i.e. cryptocurrency) trading platforms and payment processors to file information returns, and furnish payee statements on dispositions of digital assets traded for customers. Comments due October 30. A public hearing on the proposal will be held November 7.
Medicare Program Changes for FY2024
The Centers for Medicare and Medicaid Services issued a final rule revising the Medicare hospital inpatient prospective payment systems for operating and capital-related costs of acute care hospitals. The rule also updates the payment policies and rates for the Medicare prospective payment system for inpatient hospital services provided by long-term care hospitals. Effective October 1.
Public Hearing on New CAFE Standards
The National Highway Traffic Safety Administration has announced a virtual public hearing to be held September 28, 2023, on its proposal for the Corporate Average Fuel Economy Standards for Passenger Cars and Light Trucks for Model Years 2027–2032 and Fuel Efficiency Standards for Heavy-Duty Pickup Trucks and Vans for Model Years 2030–2035. Register by September 22 to attend.
Cybersecurity Labeling for Internet of Things
The Federal Communications Commission is proposing a voluntary cybersecurity labeling program to provide accessible information to consumers on the relative security of “Internet of Things” (IoT) devices and products. The labeling program is intended to help consumers compare IoT devices and make informed purchasing decisions, drive consumers toward purchasing devices with greater security, and incentivize manufacturers to meet higher cybersecurity standards to meet market demand. Comments due September 25.
Expansion of Rental Subsidy for SSI Recipients
The Social Security Administration is proposing to revise its regulations by applying nationwide the in-kind support and maintenance rental subsidy exception that is currently in place for Social Security Income applicants and recipients residing in seven states. Comments due October 23.
Financial Markets & Housing
- Bitcoin ETF Appears to be On the Way After Court Hands the SEC a Stinging Loss, Associated Press
- US Tackles Crypto Tax Mess, Wall Street Journal
- IRS Proposes New Crypto Tax Rules, Axios
- IRS Releases Proposed Regulations on Reporting & Income Taxation of Digital Assets, Forbes
- SEC Takes On Private Equity, Hedge Funds, Wall Street Journal
- The SEC Waters Down New Private Equity Rules, Axios
- Banks Need More Capital, Not a New Rulebook, Bloomberg
- Report Reveals ESG Supports’ Campaign to Influence Regulators, Forbes
- Navigating Challenges and Successes: Big Tech's Journey Into Regulated Financial Services, Forbes
- More Americans are Rent-burdened and Facing Eviction. Is Rent Control the Answer?, NPR
Business and Technology
- The US Regulates Cars, Radio and TV. When Will It Regulate AI?, New York Times (feat. RSC’s Susan Dudley)
- What the EU’s Sweeping Rules for Big Tech Mean for Your Life Online, Washington Post
- Big Tech Braces for EU Digital Services Act Regulations, Reuters
- ChatGPT Breaks its Own Rules on Political Messages, Washington Post
- AI is Biased. The White House is Working With Hackers to Try to Fix That, NPR
- Biden Labor Department Moves to Expand Overtime Pay for Millions, Politico
- Is Disparate-Impact Theory Constitutional?, Wall Street Journal
- Thought You Saved $60 on That Vacuum Cleaner? Think Again, Wall Street Journal
- US OKs State Auto-repair Law After Raising Hacking Concerns, Reuters