Proposals alarm financial-services firms, agribusiness and medical-device makers
By Brody Mullins and Ryan Tracy
WASHINGTON — The Biden administration is preparing a wave of new regulations as it embarks on its second year, sparking resistance campaigns from business lobbyists representing financial services, agribusiness, medical-device makers and others.
Lobbyists and business groups are responding to what some describe as the federal government’s most concerted regulatory push since the Obama administration. Some Democrats hope the regulatory effort will deliver some policy wins for progressives and union activists ahead of November’s midterm elections, especially now that President Biden’s congressional agenda has stalled amid infighting within the Democratic Party.
The White House’s newly installed chiefs at regulatory agencies are rolling out a lengthy list of new rules. Financial-services regulators are advancing measures seeking to address climate change and workplace diversity, crack down on Wall Street profiteering and reduce credit-card and banking fees for consumers.
Consumer-protection agencies are making a broad push to reduce corporate consolidation, especially in Silicon Valley and on Wall Street. Other agencies are readying new health and safety regulations for the medical-device industry, railroads, interstate gas pipelines, hospitals and power plants.
Taken together, the moves have alarmed businesses and prompted them to launch lobbying efforts to enlist allies in Congress.
“There’s growing concern within the business community that there has been a rush to regulate without fully factoring in the negative effects on industry and the economy,” said Ken Spain, a Washington strategist who is helping to coordinate the industry defense.
“With the election year upon us and the administration’s agenda stalling, the pace is expected to accelerate,” he said.
