Tag: regulation

05/22/11

No Smoking!!!Inside???No,outside!!!

Effective April 1, 2003, smoking is banned statewide in all enclosed workplaces in New York, including all bars and restaurants and construction sites. According to Wikipedia.com,the law exempts (1) private homes and automobiles, (2) hotel/motel rooms, (3) retail tobacco businesses, (4) private clubs, (5) cigar bars (A cigar bar that makes 10 percent of its gross income from the on-site sale of tobacco products and the rental of on-site humidors, not including vending machines sales are exempt from the ban), (6) outdoor areas of restaurants and bars, and (7) enclosed rooms in restaurants, bars, convention halls, etc., when hosting private functions organized for the promotion and sampling of tobacco products.

In February 2011, by a 36-to-12 vote, New York’s City Council passed a law extending the city’s smoking ban to parks, beaches and public plazas where pedestrians congregate like in Times Square and Union Square, it is the most significant expansion of antismoking laws since Mayor Michael R. Bloomberg pushed to prohibit smoking in restaurants and bars in 2002.

http://en.wikipedia.org/wiki/List_of_smoking_bans_in_the_United_States

http://www.nytimes.com/2003/03/27/nyregion/new-york-state-adopts-strict-ban-on-workplace-smoking.html

http://www.nytimes.com/2011/02/03/nyregion/03smoking.html

05/16/11

Changing regulation stems from cells

As everyone posts the obvious regulation changes taking place in the financial news, very little attention is given to biology and the shifts in policy regarding stem cell research. Recently a court had ruled that embryonic stem cell research could continue. Stem cell research is absolutely crucial to the development of biology including fields regarding sentience, disease, and much more. Scientists are hoping that with the use of stem cells they would be able to cure diseases such as “cancer, Parkinson’s disease, spinal cord injuries, multiple sclereosis” and many more. To further research in this ground breaking field, Obama passed EO 13505, Removing Barriers to Responsible Scientific Research Involving Human Stem Cells on March 9, 2009. The order allows for new and more numerous sources of funding, an essential part of stem cell research.

Stem cell research was never banned in the US but was heavily limited during the Bush administration. Some states also passed laws limiting stem cell research. Bush even vetoed multiple laws that would help provide funding for stem cell research.

 

 

 

 

 

 

 

 

 

 

My sources:

http://stemcells.nih.gov/

http://articles.boston.com/2011-04-30/news/29491324_1_boston-biomedical-research-institute-cell-research-cell-ruling

Federal Register of the Executive Order (Actual Order)

 

 

05/16/11

Regulating what goes in the Tummy

 

In late 2008, the FDA asked that all products served at restaurants include the calorie count in order for people to be more aware of what they are eating. In addition they banned bake sales in some schools. With the concern of obesity growing, the FDA steps up to make changes as they feel it’s their responsibility in keeping the citizens of America living a healthy life.

The government has constantly been taking an active role in regulating the food served to the American people. They have changed the wording and try to inform the public and let them be aware what they are consuming. When the calorie count aware to the public, people were able to know and choose to eat healthier at restaurants.

Sources:

http://eh.net/encyclopedia/article/Law.Food.and.Drug.Regulation

http://articles.latimes.com/2008/dec/17/business/fi-foodpolice17

05/16/11

Banking on that Regulation

In 2009, Obama proposed to make stricter regulations in the financial sector. AIG was an insurance giant company that has major influence all over the world. It’s failure would destroy the financial system. Obama proposes that the government be able to seize companies in order to save them. This stricter regulation would hopefully bring a check to other companies.

During the 1980’s, there was a movement pushing for government to have deregulate the financial sector. Some acts proposed allowed firms to take part in competition in traditional banks, investment bansk and insurance companies. There was also the creation of credit default swaps which was the reason why AIG failed. Many people blame the crisis in 2008 due to the deregulation from the government in the financial sector.

Source: 

http://articles.latimes.com/2009/jun/16/business/fi-financial-regs16

http://en.wikipedia.org/wiki/Deregulation

05/15/11

Obama’s Financial Reform : CPA

In Obama’s Financial Regulatory Reform program for the nation, a bill was passed to create an agency that would protect consumers from abusive lending practices, set rules for trade, and take steps to ensure that the failure of a couple of large banks/investment firms would cripple the economy. This agency is called the Consumer Protection Agency (CPA). In this case, Obama is tightening government control over trade and the banks to ensure that the economy doesn’t completely topple over.

Contrary to this, Reaganomics spoke of “economic freedom” and proposed an “economic Bill of Rights.” Reagan wanted to combat poverty and dismantle regulations as well as reducing taxes. Reagan did not have to deal with a failing economy the way that Obama did when he entered the presidency. Therefore their financial regulation policies were much different due to these different situations.

 

http://topics.nytimes.com/topics/reference/timestopics/subjects/c/credit_crisis/financial_regulatory_reform/index.html?scp=8&sq=government%20regulation&st=cse

05/15/11

Regulation for Regulations

On January 18, 2011, President Barack Obama signed an executive order, which allowed the government to review all federal regulations.  The regulation was put in place mostly for the businessmen in America, who weren’t so sure Obama was the right person to help fix the economy. Obama agrees that too much regulation in America is not beneficial, but he also admitted that lack of regulation is bad as well. He attributed the recent financial crisis to lack of regulation. This new order will also help the government focus more on small businesses, and can hopefully result in a more efficient economy. (Source: http://www.reuters.com/article/2011/01/18/us-obama-regulations-idUSTRE70H13W20110118)

http://www.youtube.com/watch?v=gH5ve_JFCsU

During the 1980’s President Ronald Reagan also tried to stimulate the economy. He did this by passing what was known as The Tax Reform Act of 1986. This act was created in order to simply the income tax code, expand the tax base, and get rid of tax shelters. Individual tax cuts were decreased, but corporate taxes were raised. This in turn kept the tax level about the same as it was before. However, this shifted the burden of the tax to corporate companies. Both Reagan and Obama have been seen to help the individuals more than the big businesses. While Obama is trying to help the Americans by attempting to find ways where they can succeed, Reagan is simply handing them help. He is giving them a tax cut, which requires no effort on their part. Whether this is the right thing or not lies in the mind of each and every person.

 

05/15/11

School Lunch

President Obama signed the Healthy, Hunger-Free Kids Act on December 13, 2010. This act is an effort to help American children stay healthy and have access to balanced nutritious school lunches. More students are eligible to enroll in school meals; this legislation addresses issues such as hunger and obesity levels that are currently affecting many kids in this nation. This important dilemma is being tackled to give children choices to have a healthier lifestyle. This bill allocates $4.5 billion towards the implementation of nutritional standards in public schools.

Back in 1994, the Schools Meals Initiative for Healthy Children was passed to order to teach children how to make healthy choices. All school meals must meet nutritional standards, but very few schools actually met those goals.

 

http://www.signonsandiego.com/news/2011/may/14/school-nutrition-regulations-come-under-fires/

http://www.whitehouse.gov/the-press-office/2010/12/13/president-obama-signs-healthy-hunger-free-kids-act-2010-law

05/15/11

Obama Is The Fairest Of Them All?

On January 29, 2009, President Barack Obama signed the first act of his presidential legacy, called Lilly Ledbetter Fair Pay Act. The act states that the 180-day timeframe to raise a discriminatory wage lawsuit is renewed with the issuance of each  new discriminatory paycheck. This act overturns the decision from the 2007  case, Ledbetter v. Goodyear Tire & Rubber Co., which states that the lawsuit commences on the date the employee forms a discriminatory wage decision. The act would protect women and other workers from pay discrimination.

During former President Bill Clinton’s administration, the policies he pursued loosened the government’s grip on private businesses and other sectors. For instance, the Telecommunications Act of 1996 deregulated broadcasting and telephone companies. He also abolished “welfare,” also known as Aid to Families with Dependent Children (AFDC). As a result, it became more difficult for needy individuals to receive assistance and payments. In comparison with President Clinton’s administration, President Obama’s act was a move towards government regulation. President Obama’s priority is the the rights and interests of American citizens. By signing the Lilly Ledbetter Fair Pay Act as the first of his presidential career, he conveyed the message that he wished to expand government’s role and power in the economy and business.

Sources: http://www.nytimes.com/2009/01/30/us/politics/30ledbetter-web.html

http://writ.news.findlaw.com/grossman/20090213.html?=features

05/15/11

Obama’s New Deal

The article that I chose is “Obama : Fix Market Regulation” from USA today. Obama came into office at a time of turmoil in our economy. This article is about how Obama and his administration are trying to set new rules and regulations to revive the economy. According to USA today McCain stated “There is a tendency for liberals to seek big government programs that sock it to American taxpayers while failing to solve the very real problems we face.” As you can see that the previous administration believed in very little regulation. Obama stated “Our free market was never meant to be a free license to take whatever you can get, however you can get it. That is why we have put in place rules of the road to make competition fair and open and honest, We have done this not to stifle, but rather to advance, prosperity and liberty.”

 

One of the new regulations that Obama have put in place since he came into office is for credit cards and those who are burdened by debt. An article from MSNBC stated “The new credit card rules… prohibit companies from giving cards to people under 21 unless they can prove they have the means to pay the debt or a parent or guardian co-signs. A customer also will have to be more than 60 days behind on a payment before seeing a rate increase on an existing balance. Even then, the lender will be required to restore the previous, lower rate if the cardholder pays the minimum balance on time for six months.”

 

http://www.usatoday.com/news/politics/election2008/2008-03-27-economy-speech_N.htm

http://www.msnbc.msn.com/id/30884011/ns/business-personal_finance/t/obama-signs-new-rules-credit-cards-law/

05/13/11

Eligibility Standard for “Companies that are Too Big to Fail”

http://video.nytimes.com/video/2011/05/12/business/100000000816342/bernanke-takes-on-too-big-to-fail.html

 

Barack Obama has signed the Dodd-Frank Wall Street Reform and Consumers Act in July 2010. This law allows the government to oversight and regulate financial companies that are critical to the economy; however, the government finds it difficult to determine the eligibility standards for the companies. At this point, the regulators have decided that any banks with over $50 billion worth of assets will automatically fall under the standard for additional regulations, but as for financial firms, such as hedge fund and insurance companies, the regulators will need more information and guidelines to determine the standard. The government claims to formulate the standards by this summer, while the deadline for the grand decision is January 2012.

 

The Dodd-Frank Wall Street Reform and Consumer Act, which increases government regulation and eliminate certain economical freedom, is opposite to the Gramm-Leach-Bliley Act of 1999, which gave financial more freedom by allowing them to consolidate. The Gramm-Leach-Blieley has repealed the prohibition of combining insurance, securities, and banking by the Glass-steagall Act of 1933. By eliminating such restriction, the US economy has move a tiny step closer toward a free economy. However, the US economy has taken a larger step toward government regulated economy after the passage of the Dodd-Frank Wall Street Reform and Consumer Act.

 

 

 

Article Link: http://www.nytimes.com/2011/05/13/business/13regulate.html?_r=1&scp=1&sq=government%20regulation&st=cse