House Republicans Unveil List of Biden Regulations They Aim To Snuff Out, Including California’s EV Mandate and Treating Venmo Like a Bank

House Republicans are looking to get rid of a series of administrative rules implemented by the Biden administration, such as regulations on digital payment services like Venmo and reporting requirements for crypto sales. The House majority leader, Steve Scalise, shared ten Biden-era regulations finalized since August that Republicans are looking at repealing through the Congressional Review Act. The CRA gives lawmakers the ability to repeal rules issued by executive branch agencies by issuing a resolution of disapproval. Republicans would only need a simple majority to pass a resolution of disapproval, and the process is not subject to a filibuster or judicial review. As Republicans control both chambers of Congress, they could repeal the rules without Democratic assistance. The CRA states that once a resolution of disapproval is passed, an agency cannot implement a regulation with “substantially the same form” in the future. The first regulation listed on Republicans’ list is a rule that grants California waivers to “preempt federal car and truck air emissions standards.” The Golden State used the rule to obtain a waiver for its policy to mandate that 100 percent of new vehicle sales in 2035 are electric vehicles.Another regulation Mr. Scalise said Republicans are looking to repeal is a “significant fee” on methane emissions from oil and natural gas facilities, which they say only increases consumer prices and hinders energy production. Also, on the energy front, Republicans want to get rid of a rule that creates a “voluntary market” to buy “‘carbon credits’ to offset emissions,” which prioritizes “activism goals like environmental, social, and governance (ESG) and Net Zero, instead of reducing emissions.”Republicans are looking at eliminating rules that imposed regulations on digital payment applications such as Venmo. The Consumer Financial Protection Bureau finalized this rule in November with the goal of regulating the digital payment arena like banks. Under the rule, apps that allow people to make digital payments would be subject to the same kind of scrutiny and oversight as banks to ensure they are complying with federal regulations. In a statement announcing that the rule had been finalized, the CFPB said, “While the CFPB has always had enforcement authority over these companies, today’s rule gives the CFPB the authority to conduct proactive examinations to ensure companies are complying with the law in these and other areas.”Additionally, they want to eliminate an Internal Revenue Service rule that requires brokers to report proceeds from crypto sales and disclose data about the taxpayers involved.“The rule increases tax filing burdens, stifles innovation, and raises privacy concerns over the sharing of taxpayers’ personal information,” Mr. Scalise said.Mr. Scalise indicated that Republicans will be looking for other regulations to kill as they “fight to undo the damage done by the Biden Administration.”

House Republicans Unveil List of Biden Regulations They Aim To Snuff Out, Including California’s EV Mandate and Treating Venmo Like a Bank

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