In 2010, Big Business was often in the news for the wrong reasons. The BP oil spill disaster, the explosion at a Massey Energy mine that killed 29, and the recall of millions of Toyota vehicles, to name a few, made headlines throughout the year, both for their human, economic, and environmental toll and for the negligence they exposed. Despite these failures, 2010 was an excellent year for America's corporate elite. Profits skyrocketed, lobbyists fended off new regulation, and corporate access to Washington decision makers grew even more robust.
On Jan. 18, President Obama issued a long-awaited executive order on the regulatory process and two related presidential memoranda. The order and the memos are aimed at reaffirming the existing regulatory process rather than significantly reforming it. The most impactful of the three documents is likely to be the memo on regulatory compliance, which stems from the administration's commitment to greater government accountability.
Over the past 30 fiscal years, the federal government has run a surplus only three times. In the past three years, the government has seen deficits totaling almost $3.5 trillion, and the Congressional Budget Office’s (CBO) baseline prediction shows deficits for at least the next decade. With such a history and with the recent rise of the Tea Party and its fiscally conservative contingent in Congress, it is unsurprising that balanced budget amendments to the Constitution are once again finding their way to the national agenda. While forcing Congress to balance the books through a constitutional mandate may be appealing to many fiscal hawks, a balanced budget amendment could impede economic recoveries following Wall Street meltdowns and other calamities.
The U.S. Supreme Court heard oral arguments on Jan. 19 in a case that could have far-reaching ramifications for public access to corporate-related information. AT&T, fighting to prevent disclosure of Federal Communications Commission (FCC) files investigating the company, has argued that releasing the documents under the Freedom of Information Act (FOIA) would damage the company's privacy. This argument comes despite the fact that the expectation of privacy has long been recognized only as an individual right, not a corporate one.
The Obama administration continued revamping offshore oil drilling regulation by recently announcing the next step in its plans to reorganize the Department of the Interior – creating a new agency to oversee drilling safety.
As the 112th Congress convenes, a renewed battle over the role of government in protecting the public is being waged. The battle reflects the decades-old myth that regulations are "job-killers" and that government must either sacrifice jobs to provide public safety or sacrifice lives, health, and environmental quality to protect jobs.
Whenever a party takes control of one or both houses of Congress, it exercises its prerogative to implement a flurry of new rules and practices. This is generally unremarkable, though in 2011, with the House of Representatives returning to Republican control, the changes are stirring up controversy. Despite claiming to fight for fiscal responsibility and transparency, by tweaking a handful of rules, the Republican majority will end up delivering the opposite.
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Federal agencies have released their rulemaking agendas for 2011, providing the public with a roadmap of the health, safety, and environmental safeguards it can anticipate in the new year.