Recent Projects

In March 2024, the Securities and Exchange Commission (SEC) finalized its rules on The Enhancement and Standardization of Climate-Related Disclosures for Investors (Rules). The Rules will require public companies in the United States to make certain climate-related disclosures in their registration statements and annual reports, giving investors critical information to better balance risk in their portfolios. Immediately following the Rules’ release, industry actors and a coalition of states filed lawsuits seeking to vacate the Rules. We filed an amicus brief in the Eighth Circuit, supporting these important Rules. Our brief argues that the petitioners’ economic arguments about the Rules’ costs and benefits suffer from fundamental flaws.

The Federal Emergency Management Agency (FEMA) proposed a rule to modify the standard flood insurance policy under the National Flood Insurance Program by creating a new “Homeowner Flood Form,” which applies specifically to homeowners of single-family homes and owners of buildings with one-to-four units. The proposed amendments reflect sensible steps to simplify the standard flood insurance policy and to provide flexibility in coverage. We have suggested additional improvements to FEMA’s proposal and its underlying analysis.

In March 2024, the Department of Transportation (DOT) proposed a multifaceted regulation that would facilitate greater access to air transportation for passengers with disabilities, particularly those who depend on wheelchairs and other assistive devices. Policy Integrity submitted comments to the agency arguing that, while DOT persuasively shows that the Proposed Rule carries many important benefits, the agency should improve upon its proposal and the accompanying benefit-cost analysis in several ways

On April 24, 2024, DOT issued a final rule on airline ticket refunds which, among other things, will require airlines to offer refunds when a passenger’s itinerary is significantly changed or delayed, and will require that passengers be given a ticket voucher if a serious communicative disease prevents them from flying. We submitted comments to DOT in November 2022 explaining that, in our view, DOT’s benefit-cost analysis was underestimating the benefits of these policies. DOT’s finalized analysis discusses our comments extensively, and implements many of our suggestions.

In February, the Consumer Financial Protection Bureau proposed a rule that would regulate overdraft lending by very large financial institutions. Overdraft fees amount to billions of dollars a year, and those costs are disproportionately borne by low-income households. The Proposed Rule would narrow regulatory exemptions that previously enabled banks extending overdraft credit to avoid complying with the regulatory requirements otherwise imposed on credit products. The Proposed Rule reflects a well-reasoned approach to correct market failures in the overdraft credit market, mitigating harms to consumers. We submitted comments suggesting how CFPB should improve its analysis. 

In February 2024, EPA finalized amendments to its Risk Management Program (RMP), under Section 112(r) of the Clean Air Act, to better protect vulnerable communities from chemical disasters that release toxic air pollution. In line with Policy Integrity’s recommendations, the final rule has been strengthened relative to the proposal and includes considerably more attention to the issues of underreporting, unquantified benefits, and the risks of catastrophic incidents. EPA has further improved the final rule to include consideration of climate change-related hazards in line with Policy Integrity’s recommendation to cover climate change-exacerbated hazards in addition to climate change-caused hazards. This will be increasingly important as the risks and magnitude of future chemical incident damages will likely only grow as climate change exacerbates severe weather that can spur power outages and chemical disasters.

In December 2023, the Commodity Futures Trading Commission (CFTC) proposed guidance that identifies key features of high-integrity voluntary carbon credits (VCCs) for exchanges that list certain VCC derivatives. The Institute for Policy Integrity submitted comments that highlight additional sources of CFTC legal authority over these derivatives and suggest improvements to the proposed guidance’s discussions of additionality, leakage risk, quantification, risk of reversal, and exchanges’ discretion to set stringent standards. Finally, our comments recommend that the CFTC explore whether it has other authority to address issues with VCC integrity and whether to seek additional authority from Congress.

In 2021, Policy Integrity submitted a petition for rulemaking to the Federal Trade Commission (FTC) calling for a ban on the use of drip pricing. After granting the petition, the FTC in 2023 proposed a Trade Regulation Rule on Unfair or Deceptive Fees (Proposed Rule). The Institute for Policy Integrity submitted comments with suggested edits and additions to the regulatory text to ensure that the Proposed Rule fully codifies FTC's stated objectives. Our comments also suggest several actions to strengthen FTC's breakeven and cost-benefit analyses. 

In September 2023, the Federal Aviation Administration (FAA) proposed a regulation that would require commercial space operators to limit or dispose of their launches’ orbital debris within 25 years. While the Proposed Rule and its accompanying regulatory impact analysis reasonably explain why orbital debris is a problem and why regulation will help address it, we explain in our comment letter that FAA should take further steps to bolster its analysis.

In October, EPA issued proposed restrictions on the manufacture, processing, and distribution of a chemical called trichloroethylene (TCE). We argue in comments that aspects of the agency’s Economic Analysis of the proposed restrictions could be clarified or expanded upon to better inform policymakers and the broader public about the benefits of ending TCE use.