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White House moves to limit regulators' use of nonbinding guidance

Acting Office of Management and Budget Director Russell Vought issued a memo directing federal regulators, including the Federal Reserve and the Securities and Exchange Commission, to submit nonbinding guidance documents for review before releasing them. Regulators will be required to notify the Office of Information and Regulatory Affairs if they intend to publish guidance documents and, if guidance is deemed major, Congress will have discretionary power to reject it.

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