Stop Corporate Capture Act
This act aims to increase transparency in federal rulemaking by requiring disclosure of research funding and potential conflicts of interest. It also introduces mechanisms to facilitate public participation in the legislative process, including the establishment of an Office of the Public Advocate, and imposes penalties on reporting entities that submit false information.
Key points
Increased Transparency: Interested persons submitting scientific, economic, or technical studies in rulemaking must disclose funding sources and financial ties to entities affected by the proposed rules.
Conflict of Interest Disclosure: An agency must publicly disclose a conflict if a study is funded by at least 10% from an entity regulated by the agency, or if such an entity exercises editorial control over the study.
Office of the Public Advocate: The act establishes an Office of the Public Advocate within the Office of Government Ethics to assist individuals in dealing with agencies, participating in rulemaking, and to conduct social equity assessments.
Penalties for False Information: Entities required to file annual reports (under the Securities Exchange Act) that knowingly use false documents in rulemaking will face a minimum fine of $250,000 (doubling for subsequent violations).
Response to Petitions: Agencies will be required to provide a written response within 30 days to petitions with over 100,000 signatures, explaining whether they have engaged in the requested rule change.
Process Streamlining: The act introduces time limits for the review of regulations by the Office of Information and Regulatory Affairs (OIRA) and requires public justification if a regulatory action is withdrawn.
Expired
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