Since the revisions went into effect the same day President Obama requested a review of all non-finalized regulations by the new administration, the FSC wants the enforcement of the new regulations to be delayed until after review by the new attorney general and the rest of the Obama Administration.
“Clearly the new administration plans to review some of the areas that the previous administration overreached in its authority,” FSC Executive Director Diane Duke said. “It looks as if the Obama administration respects the Constitution. Hopefully that will play out in protecting all of our rights as they implement policy.”
The FSC issued the request on the grounds that revisions, which became effective on Jan. 20, did not allow the industry enough time to adapt to the changes related to third-party record keepers and the expansion of record keepers from a few thousand to 100,000.
The pending case of Connections Distributing Co., et. al. vs. Keisler is also grounds for a delay, according to the FSC.
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