Financial Services Industry Comment on OMB-2022-0014 and OMB-2022-0011
Summary
SIFMA, American Bankers Association (ABA), American Council of Life Insurers (ACLI), Financial Services Institute (FSI), Futures Industry Association (FIA), Insured Retirement Institute (IRI), International Swaps and Derivatives Association (ISDA), and the Managed Funds Association (MFA) provided comments to the Office of Information and Regulatory Affairs on proposed OMB Circular A-4 and the Guidance Implementing Section 2(e) of Executive Order of April 6, 2023.
Excerpt
June 20, 2023
Via federal website at http://www.regulations.gov
Administrator Richard L. Revesz Office of Information and Regulatory Affairs Office of Management and Budget Executive Office of the President 1600 Pennsylvania Ave, NW Washington, DC 20500
Re: Financial Services Industry Comment on:
OMB-2022-0014 (Proposed OMB Circular A-4); and
OMB-2022-0011 (Guidance Implementing Section 2(e)
of Executive Order of April 6, 2023)
Dear Administrator Revesz:
The undersigned associations (collectively, the “Associations”)1 represent a significant portion of the financial services industry, including banks, investment banks, broker-dealers, futures commission merchants, investment advisers, asset managers, and life insurers, engaged in the equity and fixed-income markets and offering and/or managing related products and services, and operating in the U.S. and global capital and derivatives markets. The Associations appreciate the opportunity to comment on proposed OMB Circular A-4 (the “Proposal”)2 and the Guidance Implementing Section 2(e) of Executive Order of April 6, 2023 (the “Guidance”).3
As the Proposal notes, since 2003, OMB Circular A-44 has provided guidance to federal agencies on how to conduct regulatory cost-benefit analysis in connection with proposed federal rulemaking, as required by Section 6(a)(3)(C) of Executive Order 12866,5 and various other related authorities. The Associations strongly support robust, rigorous, and thoughtful cost-benefit analysis in connection with federal rulemaking. Such analysis should appropriately weigh and balance the interests of, and the costs imposed and benefits conferred on, all affected constituents, including without limitation consumers, investors, issuers, investment managers, financial services firms, and other capital and derivatives markets participants. The ultimate goal of any such analysis, which we trust you share, is to ensure the utility, fairness, efficiency, and quality of federal regulations.
1 American Bankers Association, American Council of Life Insurers, Futures Industry Association, Financial Services Institute, Insured Retirement Institute, International Swaps and Derivatives Association, Managed Funds Association, and Securities Industry and Financial Markets Association. Descriptions of the Associations are included in the attached Appendix.
2 88 FR 20915 (April 7, 2023), https://www.govinfo.gov/content/pkg/FR-2023-04-07/pdf/2023-07364.pdf.
3 88 FR 20916 ((April 7, 2023), https://www.govinfo.gov/content/pkg/FR-2023-04-07/pdf/2023-07360.pdf.
4 OMB Circular A-4 (Sept. 17, 2003), https://www.whitehouse.gov/wp-content/uploads/legacy_drupal_files/omb/circulars/A4/a-4.pdf.