FEDERALhearing transcript

Senate Hearing: Examination of Federal Rulemaking Processes

Original title: THE ADMINISTRATIVE STATE: AN EXAMINATION OF FEDERAL RULEMAKING

January 1, 2017

federal rulemaking administrative law fiduciary rule government oversight regulatory process

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The Frame

What this does

The hearing provides insight into the legislative oversight of federal agency regulations, which directly impacts how rules governing financial services and retirement savings are created and implemented.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Retirement savers

The fiduciary rule discussed in the hearing impacts the standards of conduct for financial advisors managing retirement accounts.

U.S. Department of Labor

The agency is responsible for the creation and implementation of the fiduciary rule under examination.

What changed

Last recorded activity January 1, 2017.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a 2016 Senate Committee on Homeland Security and Governmental Affairs hearing. The committee examined the federal rulemaking process, specifically focusing on the Department of Labor's and its potential impact on retirement savers.

Key Facts

The hearing took place on April 20, 2016, in the Dirksen Senate Office Building.
The committee reviewed the Department of Labor's fiduciary rule regarding retirement savings.
Chairman Ron Johnson entered two Majority Staff reports and one Minority Staff memorandum into the record.
The hearing included testimony from five expert witnesses representing legal, regulatory, and public interest perspectives.
The committee formally acknowledged the absence of Senator Thomas R. Carper due to a family bereavement.

Frequently Asked Questions

What was the primary purpose of this hearing?

The hearing was held to examine the federal rulemaking process, with a specific focus on the Department of Labor's .

Who testified at the hearing?

Witnesses included Jonathan Turley, Randolph J. May, Bradford P. Campbell, William J. Kovacs, and Robert Weissman.

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on Regulatory Oversight

The hearing highlights a 2016 legislative effort to increase scrutiny of agency rulemaking processes, particularly regarding financial regulations.

Committee on Homeland Security and Governmental Affairs U.S. Department of Labor

Connected Entities

personJonathan Turley“Witness, Professor of Public Interest Law”Map →

personWilliam J. Kovacs“Witness, U.S. Chamber of Commerce”Map →

personRon Johnson“Chairman of the Committee on Homeland Security and Governmental Affairs”Map →

personBradford P. Campbell“Witness, former Assistant Secretary for Employee Benefits at the U.S. Department”Map →

personRandolph J. May“Witness, President of The Free State Foundation”Map →

organizationCommittee on Homeland Security and Governmental Affairs“Senate committee conducting the hearing”Map →

personRobert Weissman“Witness, President of Public Citizen”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance60
How much this matters to a regular citizen
Controversy50
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz10
Current news / social attention level

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