Friday, October 24th, 2014

Promises about Regulation on The Obameter

Establish a credit card bill of rights

The credit card bill of rights would "ban unilateral changes ... apply interest rate increases only to future debt ... prohibit interest on fees ... prohibit 'universal defaults' (whereby a credit card raises its rates because the consumer was late paying a different creditor ... require prompt and fair crediting of cardholder payments."

Require insurance companies to cover pre-existing conditions

Require insurance companies "to cover pre-existing conditions so all Americans, regardless of their health status or history, can get comprehensive benefits at fair and stable premiums."

Require large employers to contribute to a national health plan

"Large employers that do not offer meaningful coverage or make a meaningful contribution to the cost of quality health coverage for their employees will be required to contribute a percentage of payroll toward the costs of the national plan. Small businesses will be exempt from this requirement."

Strengthen antitrust laws to prevent overcharging for malpractice insurance

"Strengthen antitrust laws to prevent insurers from overcharging physicians for their malpractice insurance."

In non-competitive markets, force insurers to pay out a reasonable share of their premiums for patient care

In markets where the insurance business is not competitive, "force insurers to pay out a reasonable share of their premiums for patient care instead of keeping exorbitant amounts for profits and administration."

Prevent drug companies from blocking generic drugs

"Prevent drug companies from blocking generic drugs from consumers."

Mandate insurance coverage of autism treatment

"Will mandate insurance coverage of autism treatment and will also continue to work with parents, physicians, providers, researchers, and schools to create opportunities and effective solutions for people with ASD (autism spectrum disorders)."

Establish regulations to secure chemical plants

"Barack Obama will establish a clear set of federal regulations that all plants must follow, including improving barriers, containment, mitigation, and safety training, and, where possible, using safer technology, such as less toxic chemicals."

Mandate standards for securing personal data

"The federal government must partner with industry and our citizens to secure personal data stored on government and private systems. An Obama administration will institute a common standard for securing such data across industries."

Conduct regulatory agency business in public

"Will require his appointees who lead the executive branch departments and rulemaking agencies to conduct the significant business of the agency in public, so that any citizen can see in person or watch on the Internet these debates."

Regulate pollution from major livestock operations

"In the Obama Administration, the Environmental Protection Agency will strictly monitor and regulate pollution from large Concentrated Animal Feeding Operations (CAFOs) - which raise more than 40 percent of U.S. livestock - with fines for those who violate tough air and water quality standards."

Create a Homeowner Obligation Made Explicit (HOME) score for mortgage comparisons

"Will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for home mortgages. The HOME score will allow Americans to easily compare various mortgage products and understand the full cost of the loan. The HOME score would also help borrowers understand their long-term obligations and would be required to include mandatory taxes and insurance."

Cap interest rates on payday loans and improve disclosure

Will limit interest rates on payday loans to 36 percent "because predatory lending continues to be a major problem for low and middle income families alike. Obama also believes that we need to ensure that all Americans have access to clear and simplified information about loan fees, payments and penalties, which is why he'll require lenders to provide this information during the loan application process"...And he "will work to empower more Americans in the fight against predatory lending by supporting initiatives to improve financial literacy and financial planning."

Revise regulations for export of aerospace technology

"Will direct a review of the International Traffic in Arms Regulations (ITAR) to reevaluate restrictions imposed on American companies, with a special focus on space hardware that is currently restricted from commercial export. He will also direct revisions to the licensing process to ensure that American suppliers are competitive in the international aerospace markets, without jeopardizing American national security."

Strengthen antitrust enforcement

"Will reinvigorate antitrust enforcement, which is how we ensure that capitalism works for consumers."

Protect American intellectual property abroad

"Will work to ensure intellectual property is protected in foreign markets, and promote greater cooperation on international standards that allow our technologies to compete everywhere."

Update copyright and patent law

Will "update and reform our copyright and patent systems to promote civic discourse, innovation and investment while ensuring that intellectual property owners are fairly treated."

Reform the patent system

Will improve "predictability and clarity in our patent system" helping to "foster an environment that encourages innovation. Giving the Patent and Trademark Office (PTO) the resources to improve patent quality and opening up the patent process to citizen review will reduce the uncertainty and wasteful litigation that is currently a significant drag on innovation...Will ensure that our patent laws protect legitimate rights while not stifling innovation and collaboration."

Strengthen anti-monopoly laws to favor independent farmers

"Obama will strengthen anti-monopoly laws and strengthen producer protections to ensure independent farmers have fair access to markets, control over their production decisions, and fair prices for their goods."

Create new financial regulations

"I'll put in place the common-sense regulations and rules of the road I've been calling for since March -- rules that will keep our market free, fair, and honest; rules that will restore accountability and responsibility in our corporate boardrooms."