This is the Cato Daily Podcast for Friday, February 18th, 2022.

I'm Caleb Brown.

The regulatory state is massive.

One small silver lining is that the public is able to comment on pending

regulation. Sometimes that regulation changes in response. At the

Securities and Exchange Commission that may be changing. Leadership in that organization wants to give the

public less time to comment on pending regs. Cato's Jennifer Schulp and Will

Yatman comment. For people who don't follow federal regulation. There are processes in place to that are

meant to invite the public to have a meaningful role in the process of crafting federal regulation.

Regulators are not omniscient, as we well know, and they

nominally desire to have public input with respect to regulations that they are considering

and perhaps have information brought to light that they haven't considered.

So Willie, if you don't mind, describe what is this process and how did we get it and what are the costs and benefits of it?

So it's a part and parcel of the 1946 Administrative Procedure Act and that's referred

to as the Constitution of the Administrative State in particular I guess

section 553C of the

area, in particular, I guess, section 553C of the APA.

And all the salutary values that you set forth

that of inclusive public participation and attempting to inform the agency.

Those were Congress's intentions when they passed this law,

when they passed these procedural requirements that agencies must undergo when they

promulgate these rules.

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