According to the American Bar Association, 1,268,011 women and men were licensed to practice law in the US in 2012. These lawyers are tasked with upholding federal regulations and arguing about them in a court of law. At the mention of laws that affect individuals and their institutions, many people think about regulations that legislative firms like local municipal councils, state legislatures, and Congress created.
Did you know that numerous federal rules are administered every time federal regulations are passed? These rules often have no immediate effect on the people and institutions they have authority over. Read on to learn more about federal regulations.
Types of Federal Regulations and Their Importance
According to the Office of Management and Budgets (OMB) report released in 2000, there are three popular categories of federal regulations, as you shall see below.
Social Regulations
Social regulations are designed to fulfill the public’s interest in various ways. For example, it prevents organizations from manufacturing products with particular features or in specific methods that can affect the public’s safety and health or harm the environment.
An example, in this case, is OSHA’s guidelines stating that organizations should not allow more than one portion per million of Benzene in the workplace for more than eight hours a day. Social regulations also demand that companies manufacture products with specific attributes and in certain methods to cater to the public interests. For example, the Food and Drug Administration requires that food sellers attach a label with detailed information on the package.
Economic Regulations
Economic regulations bar organizations from introducing prices and entering or exiting business lines that may harm the economic interests of other groups or organizations. These federal regulations are implemented by independent commissions like the Federal Energy Regulatory and the Federal Communications Commission in the US.
Process Regulations
Process regulations demand paperwork or administrative requirements like immigration, income tax, social security, procurement forms, or food stamps. Under this regulation, many businesses incur costs due to tax compliance efforts, government procurement, and program administration.
Economic and social regulations can also come with paperwork costs due to enforcement and disclosure needs. Worth mentioning is those federal regulations that regulatory bodies are subject to review by Congress and the president, according to the Congressional Review Act and the Executive Order 12866. For more information regarding federal regulations, reach out to us!