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Agency Rulemaking Highlights
Notable ActionsStudent Debt Relief
The Department of Education issued a proposed rule to amend the regulations related to the Higher Education Act of 1965 to provide targeted student loan debt relief. The proposal would modify existing debt collection regulations to offer more specificity regarding some situations in which the Education Secretary can exercise discretion to waive all or part of debts owed. Comments due May 17.
Review of Secondary NAAQS
The Environmental Protection Agency (EPA) issued a proposed rule related to its review of the existing secondary National Ambient Air Quality Standards (NAAQS) for nitrogen oxides, sulfur oxides, and particulate matter (PM). The proposal would revise the secondary sulfur dioxide standard to an annual average (averaged over three consecutive years) ranging from 10 to 15 parts per billion. The proposal would retain the existing secondary standards for nitrogen oxides and PM. Comments due June 14.
EPA also announced a virtual public hearing related to the proposed rule. The hearing will be held on May 8.
Delay of Effective Date for Climate-Related Disclosures for Investors
The Securities and Exchange Commission is indefinitely delaying the implementation of a final rule that would require registrants to include certain climate-related information in their registration statements and annual reports pending the completion of judicial review by the Eighth Circuit. The rule was to become effective May 28.
Social Security Number Fraud Prevention Act Requirements
The Office of Personnel Management (OPM) issued a direct final rule that amends privacy procedures to prohibit inclusion of social security numbers (SSN) on any document sent through mail unless deemed necessary by the director of OPM. The rule also establishes procedures for partially redacting SSNs where feasible and prohibiting the display of SSNs on the outside of any package or envelope sent by mail. Effective June 26.
Rental Subsidy Policy for Supplemental Security Income
The Social Security Administration issued a final rule to apply the In-Kind Support and Maintenance (ISM) rental subsidy to all supplemental security income (SSI) applicants and recipients nationwide. The rule clarifies that a “business arrangement” exists—and the SSI applicant is not receiving ISM in the form of room or rent—if the monthly required rent for a property is greater than or equal to the “presumed maximum value,” rather than the current market rental value. This would generally result in higher SSI payments to individuals. Effective September 30.
Affordable Care Act Benefit and Payment Parameters for 2025
The Department of Health and Human Services (HHS) and the Department of the Treasury issued a final rule that sets payment parameters and provisions for the HHS-operated risk adjustment program and sets user fee rates for issuers offering qualified health plans through federally facilitated exchanges and state-based exchanges on the federal platform for 2025. The final rule also includes provisions related to enrollment, plan options and requirements, essential health benefits, and prescription drug benefits. Effective June 4.
Telemarketing Sales Rule
The Federal Trade Commission (FTC) finalized amendments to the Telemarketing Sales Rule (TSR) that require telemarketers and sellers to maintain additional records of their telemarketing transactions, prohibit material misrepresentations and false or misleading statements in business to business telemarketing calls, and add a new definition for the term “previous donor.” Effective May 16.
FTC is also proposing to extend TSR’s coverage to inbound telemarketing calls by consumers to technical support services. Comments due June 17.
Excise Tax on Repurchase of Corporate Stock
The Internal Revenue Service issued two proposed rules regarding the new excise tax on repurchases of corporate stock. The proposals would provide guidance on the procedure and administration applicable to and the general application of this new excise tax. Comments due May 13 and June 11, respectively.
Safety Standards for Bassinets and Cradles
The Consumer Product Safety Commission issued a proposed rule that would revise existing rules for bassinets and cradles to address risks and hazards identified in the agency’s mandatory periodic review of durable infant and toddler products. Comments due June 17.
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