Obama signed yet another Executive Order – Promoting International Regulatory Cooperation. This dictate is designed to standardize regulations between the United States and it’s so called trading partners.
What is a regulation?
Regulation is administrative legislation that constitutes or constrains rights and allocates responsibilities. It can be distinguished from primary legislation (by Parliament or elected legislative body) on the one hand and judge-made law on the other. Regulation can take many forms: legal restrictions promulgated by a government authority, self-regulation by an industry such as through a trade association, social regulation (e.g. norms), co-regulation, or market regulation. One can consider regulation as actions of conduct imposing sanctions, such as a fine, to the extent permitted by the law of the land. This action of administrative law, or implementing regulatory law, may be contrasted with statutory or case law.
Its basically a law. So what is actually being attempted…
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