Federal Regulatory Agencies
Here's a look at documents from federal regulatory agencies
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SEC Commissioner Crenshaw Issues Statement Regarding Climate-Related Disclosures Rule Litigation: Commission Has Left the Building
WASHINGTON, March 28 -- The Securities and Exchange Commission issued the following remarks on March 27, 2025, by Commissioner Caroline A. Crenshaw:
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Statement Regarding Climate-Related Disclosures Rule Litigation: Commission has Left the Building
Commissioner Caroline A. Crenshaw
Today, the SEC purports to walk away from the Climate-Related Disclosures Rule.[1] In building the rule, we journeyed up a mountain. The Commission spent at least four years taking input - we issued requests for information, made a proposal, opened and reopened comment periods when stakeholders asked for more
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WASHINGTON, March 28 -- The Securities and Exchange Commission issued the following remarks on March 27, 2025, by Commissioner Caroline A. Crenshaw:
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Statement Regarding Climate-Related Disclosures Rule Litigation: Commission has Left the Building
Commissioner Caroline A. Crenshaw
Today, the SEC purports to walk away from the Climate-Related Disclosures Rule.[1] In building the rule, we journeyed up a mountain. The Commission spent at least four years taking input - we issued requests for information, made a proposal, opened and reopened comment periods when stakeholders asked for moretime or the ability to provide more input, reviewed thousands of comment letters, carefully balanced the interest of investors, markets and issuers, and dutifully tailored a final rule in-line with our mission and our statutory authority.[2] It was an arduous process that led to a sound and strong result.
By way of politics, the current Commission would like to dismantle that rule. And they would like to do so unlawfully. The Administrative Procedure Act (APA) governs the process by which we make rules. The APA prescribes a careful, considered framework that applies both to the promulgation of new rules and the rescission of existing ones.[3] There are no backdoors or shortcuts. But that is exactly what the Commission attempts today.
By its letter, we are apparently letting the Climate-Related Disclosures Rule stand but are withdrawing from its defense in court. This leaves other parties, including the court, in a strange and perhaps untenable situation. In effect, the majority of the Commission is crossing their fingers and rooting for the demise of this rule, while they eat popcorn on the sidelines. The court should not take the bait.
Rather, the SEC should do its job. It should defend its existing rule in litigation. If the agency chooses not to defend that rule, then it should ask the court to stay the litigation while the agency comes up with a rule that it is prepared to defend (be it by rescission or otherwise, but certainly in accordance with APA mandates). At the very least, if the court continues without the Commission's participation, it should appoint counsel to do what the agency will not - vigorously advocate in the litigation on behalf of investors, issuers and the markets.
The Commission's actions are inconsistent with the APA, historical practice, and they embody bad governance. We do not have license to wholesale abandon agency action simply because the now-constituted Commission would not have supported the rule when it passed. The new majority cannot now rewrite history to change the outcome of a properly held Commission vote.
To be clear, the arguments in the Commission's Response Brief remain substantively sound. There has been no change in the relevant statutory authority; no new judicial precedent or doctrine; nor any change in the vigorous demand by the investing public. There is no new administrative record, comment file, or economic analysis. As I have said before,[4] the only change here is politics.
Today's actions are but one symptom of a much larger problem - the Commission taking shortcuts in order to achieve preferred outcomes - this time by skirting the APA. We are now firmly in a period of policy-making through avoidance and acquiescence, rather than policy-making through open, transparent, and public processes. This approach does not benefit the markets, capital formation, or investors. In this instance, the majority of the Commission is hoping to let someone else do their dirty work.
[1] See SEC Press Release 2025-58, SEC Votes to End Defense of Climate Disclosure Rules (Mar. 27, 2025).
[2] See e.g. Enhancement and Standardization of Climate-Related Disclosures for Investors, Rel. No. 33-11275 (Mar. 6, 2024), 89 Fed. Reg. 21668 (Mar. 28, 2024).
[3] See Perez v. Mortg. Bankers Ass'n, 575 U.S. 92, 101 (2015) (finding that the APA "mandate[s] that agencies use the same procedures when they amend or repeal a rule as they used to issue the rule in the first instance").
[4] See Commissioner Caroline A. Crenshaw,A Risk by Any Other Name: Statement on the Enhancement and Standardization of Climate-Related Disclosures(Mar. 8, 2024); Commissioner Caroline A. Crenshaw, Statement on Pause in Litigation Concerning the Climate-Related Disclosure Rule (Feb. 11 2025).
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Original text here: https://www.sec.gov/newsroom/speeches-statements/crenshaw-statement-climate-related-disclosures-032725
SEC Commissioner Crenshaw Issues Remarks at the SEC Roundtable on Artificial Intelligence in the Financial Industry
WASHINGTON, March 28 -- The Securities and Exchange Commission issued the following remarks by Commissioner Caroline A. Crenshaw:
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Remarks at the SEC Roundtable on Artificial Intelligence in the Financial Industry
Commissioner Caroline A. Crenshaw
Good morning and welcome to the agency.[1] I'm going to do something that I never do. I'm going to take credit for the idea behind these roundtables. I can't take credit for anything beyond that. All of the credit for the hard work, preparation and planning goes to my colleagues in DERA and Exams and elsewhere at the agency - chief among them
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WASHINGTON, March 28 -- The Securities and Exchange Commission issued the following remarks by Commissioner Caroline A. Crenshaw:
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Remarks at the SEC Roundtable on Artificial Intelligence in the Financial Industry
Commissioner Caroline A. Crenshaw
Good morning and welcome to the agency.[1] I'm going to do something that I never do. I'm going to take credit for the idea behind these roundtables. I can't take credit for anything beyond that. All of the credit for the hard work, preparation and planning goes to my colleagues in DERA and Exams and elsewhere at the agency - chief among themRob Fischer, Jill Henderson and Hane Kim. The staff served as the architects who drew up the vision for today's panels and brought the idea to fruition. And then the deep knowledge and practical input on AI - the expertise that will hopefully make today a fruitful exercise - that comes from our esteemed panelists and moderators. So, really, I did close to nothing. But I will take credit for the original idea.
And I will tell you why. As many in this room will recall, in July 2023, our Divisions of Investment Management and Trading and Markets proposed a rule surrounding the use of Predictive Data Analytics by Broker Dealers and Investment Advisers. It attempted to address how financial professionals dealt with conflicts of interest in light of certain emerging technologies that they might be using in their interactions with investors.
At the time of the proposal, I asked some questions - chief among them was "is the scope of the proposal appropriate?" I reviewed that comment file soup to nuts, and I think it's fair to say that many - perhaps many of you sitting in the room here today - felt that the scope of the proposal was not appropriate. It was described as overbroad in its definition of covered technology and perhaps overlapping in much of its application with Reg BI and an investment adviser's fiduciary duties.
Now, whenever I speak with members of financial services community about AI, I ask them - how do you define AI and how are you using it? There is one constant. No one is on the same page. In many ways, when we speak about these technologies, I think we have a tendency to talk past each other.
So, let's reset. And let's answer some very basic but important questions.
* What is artificial intelligence? How do we achieve greater precision in our terminology and definitions?
* How is AI being deployed in the financial services industry today? And how will it be used in the future?
- I ask this with respect to all industry participants - how is it used by broker dealers, investment advisers, issuers, intermediaries, markets, investors and other stakeholders?
- Are the most common uses investor-facing, related to investing or the deployment of capital, or are they in pursuit of back-office efficiencies? Is AI being deployed by companies or by their service providers?
* What governance mechanisms are in place to oversee AI systems - especially those systems that may employ "black box" algorithms, where it's not clear how inputs are weighed or outputs derived? What do those governance mechanisms look like? And is AI being used at board or governance levels?
* And what oversight is applied to ensure that legal and regulatory responsibilities are met - both fiduciary and professional obligations, as well as the relevant rules governing trading mechanics or back-office functions?
* What disclosures are being made around AI uses and risk, and are they consistent and sufficient?
* Are there areas where investors are left vulnerable by the use of AI - either susceptible to fraud or systematic disadvantage?
* Are there systemic market or volatility risks associated with the use of AI that we need to be focused on?
AI appears to represent a sea-change in technology. It is powerful and persistent. It will drive change. The question is - are we prepared for it? I hope that today's session is an important step for preparedness at the SEC.
[1] The views I express today are my own and not necessarily those of the Commission, my fellow Commissioners, or the staff of the agency.
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Original text here: https://www.sec.gov/newsroom/speeches-statements/crenshaw-remarks-ai-roundtable-032725
SEC Announces Dismissal of Civil Enforcement Action Against Kraken
WASHINGTON, March 28 -- The Securities and Exchange Commission issued the following litigation release (No. 3:23-cv-06003-WHO; N.D. Cal. filed Nov. 20, 2023) involving Payward Inc. and Payward Ventures Inc. dba "Kraken":
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The Securities and Exchange Commission today filed a joint stipulation with Payward Inc. and Payward Ventures Inc., together known as Kraken, to dismiss, with prejudice, the Commission's ongoing civil enforcement action against it.
The Commission's decision to exercise its discretion and dismiss this pending enforcement action rests on its judgment that the dismissal will
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WASHINGTON, March 28 -- The Securities and Exchange Commission issued the following litigation release (No. 3:23-cv-06003-WHO; N.D. Cal. filed Nov. 20, 2023) involving Payward Inc. and Payward Ventures Inc. dba "Kraken":
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The Securities and Exchange Commission today filed a joint stipulation with Payward Inc. and Payward Ventures Inc., together known as Kraken, to dismiss, with prejudice, the Commission's ongoing civil enforcement action against it.
The Commission's decision to exercise its discretion and dismiss this pending enforcement action rests on its judgment that the dismissal willfacilitate the Commission's ongoing efforts to reform and renew its regulatory approach to the crypto industry, not on any assessment of the merits of the claims alleged in the action.
Furthermore, as stated in the joint stipulation, "the Commission's decision to seek dismissal of this Litigation does not necessarily reflect the Commission's position on any other case."
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Resources
* Joint Stipulation to Dismiss (https://www.sec.gov/files/litigation/litreleases/2025/lr-26278-joint-stipulation.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26278
FCC Launches Proceeding on GPS Alternatives
WASHINGTON, March 28 -- The Federal Communications Commission issued the following news release:
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FCC Launches Proceeding on GPS Alternatives
Inquiry Seeks to Promote Innovative Technologies that Protect Americans from GPS Disruptions
WASHINGTON, March 27, 2025--The Federal Communications Commission today launched an inquiry to explore commercial technologies that would complement the Global Positioning System (GPS).
Although GPS is indispensable to America's economic and national security, it represents a single point of failure that can be vulnerable to disruption or manipulation by
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WASHINGTON, March 28 -- The Federal Communications Commission issued the following news release:
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FCC Launches Proceeding on GPS Alternatives
Inquiry Seeks to Promote Innovative Technologies that Protect Americans from GPS Disruptions
WASHINGTON, March 27, 2025--The Federal Communications Commission today launched an inquiry to explore commercial technologies that would complement the Global Positioning System (GPS).
Although GPS is indispensable to America's economic and national security, it represents a single point of failure that can be vulnerable to disruption or manipulation byour adversaries. That is why leaders from President Trump to Chairman Cruz and Senator Markey have called to develop alternative systems that provide "position, navigation, and timing" (PNT) data.
PNT data is integral to countless military, public safety, agricultural, and commercial activities. Because the American economy and national security depend on GPS as the sole source of PNT data, the U.S. government has shown great interest in developing resilient backups that would protect critical operations from any disruption in GPS signals.
The Notice of Inquiry adopted today examines how the Commission might foster GPS complements and alternatives. The Notice asks about a wide array of PNT technologies under development by broadcasters, wireless operators, satellite constellations, and startups that use FCC-licensed spectrum. It also seeks comment on the tradeoffs among these emerging PNT offerings based on factors like performance, adoption, scale, geographic coverage, durability, cost, and commercialization.
The Commission intends to build a comprehensive record on what actions it can take to strengthen GPS and promote other PNT technologies. These actions could include FCC rule changes, public-private partnerships, testbeds, Innovation Zones, and more.
Action by the Commission March 27, 2025 by Notice of Inquiry (FCC 25-20). Chairman Carr, Commissioners Starks, Simington, and Gomez approving. Chairman Carr and Commissioner Starks issuing separate statements.
WT Docket No. 25-110
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Original text here: https://docs.fcc.gov/public/attachments/DOC-410436A1.txt
CPSC Issues Recall Alert Involving Specialized Vado and Como IGH E-Bikes With Chain Guards
WASHINGTON, March 28 -- The Consumer Product Safety Commission issued the following recall alert on March 27, 2025:
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Name of Product: Specialized Vado and Como IGH E-Bikes with Chain Guards
Hazard: The bike's protective chain/belt guard does not cover the belt drive and loose clothing can get entrapped in the belt drive, posing a fall hazard.
Remedy: Repair
Recall Date: March 27, 2025
Units: About 32,400 (In addition, about 3,200 were sold in Canada and about 190 were sold in Mexico)
Consumer Contact: Specialized Bicycle Components toll-free at 877-808-8154 from 8 a.m. to 4 p.m. MT
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WASHINGTON, March 28 -- The Consumer Product Safety Commission issued the following recall alert on March 27, 2025:
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Name of Product: Specialized Vado and Como IGH E-Bikes with Chain Guards
Hazard: The bike's protective chain/belt guard does not cover the belt drive and loose clothing can get entrapped in the belt drive, posing a fall hazard.
Remedy: Repair
Recall Date: March 27, 2025
Units: About 32,400 (In addition, about 3,200 were sold in Canada and about 190 were sold in Mexico)
Consumer Contact: Specialized Bicycle Components toll-free at 877-808-8154 from 8 a.m. to 4 p.m. MTMonday through Friday, email at ridercare@specialized.com, or online at http://www.specialized.com/safety-recall-notices, by Live Chat at http://www.specialized.com or at www.specialized.com and click on "Safety Recall Notices" for more information.
Recall Details
Description: This recall involves Specialized Vado and Como IGH e-bikes with chain/belt guards. The recalled e-bikes have an internal gear hub (IGH) and no rear derailleur (gear shift). The Specialized Bicycle brand name is located on the bike frame and the bikes are offered in a variety of colors, including black, limestone, red, sand, sea foam, navy, purple, white, gray, raspberry, umber, dark gray and yellow. The e-bikes have the following model numbers printed on the white and black serial number label located on the underside of the bicycle's top tube.
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Recalled Specialized Bicycle Model Numbers
COMO 3.0 IGH ... COMO 5.0 IGH UL ... VADO 3.0 IGH STEP THROUGH UL
COMO 3.0 IGH UL ... COMO SL 4.0 ... VADO 3.0 IGH UL
COMO 4.0 IGH ... COMO SL 5.0 ... VADO 5.0 IGH
COMO 4.0 IGH UL ... VADO 3.0 IGH ... VADO 5.0 IGH ST
COMO 5.0 IGH ... VADO 3.0 IGH ST ... VADO 5.0 IGH STEP THROUGH UL
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Remedy: Consumers should immediately stop using the Specialized Vado and Como IGH e-bikes and contact their nearest authorized Specialized retailer for a free installation of an updated protective chain/belt guard. Specialized Bicycle is contacting all known purchasers directly.
Incidents/Injuries: None reported
Sold At: Authorized Specialized Bicycle retailers nationwide and online from March 2021 through November 2024 for between $3,250 and $5,750.
Importer(s): Specialized Bicycle Components Inc., of Morgan Hill, California
Manufactured In: Vietnam and Taiwan
Recall number: 25-200
Fast Track Recall
Note: Individual Commissioners may have statements related to this topic. Please visit www.cpsc.gov/commissioners to search for statements related to this or other topics.
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Original text here: https://www.cpsc.gov/Recalls/2025/Specialized-Bicycle-Components-Recalls-Vado-and-Como-IGH-E-Bikes-with-Chain-Guards-Due-to-Fall-Hazard
CPSC Issues Recall Alert Involving NFH Iron SAP, NFH Heme Iron SAP and NFH Prenatal SAP Bottles
WASHINGTON, March 28 -- The Consumer Product Safety Commission issued the following recall alert on March 27, 2025:
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Name of Product: NFH Iron SAP, NFH Heme Iron SAP and NFH Prenatal SAP bottles
Hazard: The recalled dietary supplements contain iron, which must be in child-resistant packaging, as required by the Poison Prevention Packaging Act (PPPA). The packaging is not child-resistant, posing a risk of poisoning if the contents are swallowed by young children.
Remedy: Replace
Recall Date: March 27, 2025
Units: About 17,660
Consumer Contact: NFH toll-free at 866-510-3123 from 9 a.m.
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WASHINGTON, March 28 -- The Consumer Product Safety Commission issued the following recall alert on March 27, 2025:
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Name of Product: NFH Iron SAP, NFH Heme Iron SAP and NFH Prenatal SAP bottles
Hazard: The recalled dietary supplements contain iron, which must be in child-resistant packaging, as required by the Poison Prevention Packaging Act (PPPA). The packaging is not child-resistant, posing a risk of poisoning if the contents are swallowed by young children.
Remedy: Replace
Recall Date: March 27, 2025
Units: About 17,660
Consumer Contact: NFH toll-free at 866-510-3123 from 9 a.m.to 5 p.m. ET Monday through Friday, email at info@nfh.ca, or online at Contacts - NFH Inc. or https://nfh.ca/ and click "Recall" at the top of the page for more information.
Recall Details
Description: This recall involves NFH Dietary Supplement bottles for Iron SAP, Heme Iron SAP and Prenatal SAP. The bottles are white with the brand name "NFH" and the firm's logo of a leaf in blue. The date code is on the bottom of the bottle.
Remedy: Consumers should immediately secure the recalled supplement bottles out of sight and reach of children, and contact NFH for information on how to obtain a free replacement child-resistant bottle. NFH is contacting all known purchasers directly. This recall only includes the bottle.
Incidents/Injuries: None reported
Sold At: Multiple naturopathic/homeopathic clinics nationwide, A Woman's Time and Doctor Supplement stores, and online at WholescriptsInc.com and Natural Partners (Fullscript.com) from March 2022 through December 2024 for between $20 and $95, depending on the product and the size.
Manufacturer(s): Nutritional Fundamentals for Health (dba NFH), of Canada
Importer(s): Nutritional Fundamentals for Health (dba NFH), of Canada
Manufactured In: Canada
Recall number: 25-201
Note: Individual Commissioners may have statements related to this topic. Please visit www.cpsc.gov/commissioners to search for statements related to this or other topics.
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Original text here: https://www.cpsc.gov/Recalls/2025/NFH-Iron-Dietary-Supplement-Bottles-Recalled-Due-to-Risk-of-Poisoning-Violation-of-Federal-Regulation-for-Child-Resistant-Packaging-Imported-by-Nutritional-Fundamentals-for-Health-NFH
CPSC Issues Recall Alert Involving LINKCOO Blackout Roller Window Shades
WASHINGTON, March 28 -- The Consumer Product Safety Commission issued the following recall alert on March 27, 2025:
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Name of Product: LINKCOO Blackout Roller Window Shades
Hazard: The recalled window shades have long operating cords that can cause death or serious injury to children due to strangulation and entanglement hazards. The window shades are in violation of the federal regulations for window coverings and present a substantial product hazard. The window shades also violate federal regulations for labeling of window coverings.
Remedy: Repair
Recall Date: March 27, 2025
Units:
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WASHINGTON, March 28 -- The Consumer Product Safety Commission issued the following recall alert on March 27, 2025:
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Name of Product: LINKCOO Blackout Roller Window Shades
Hazard: The recalled window shades have long operating cords that can cause death or serious injury to children due to strangulation and entanglement hazards. The window shades are in violation of the federal regulations for window coverings and present a substantial product hazard. The window shades also violate federal regulations for labeling of window coverings.
Remedy: Repair
Recall Date: March 27, 2025
Units:About 16,300
Consumer Contact: LINKCOO by email at recalllinkcoo@163.com or online at http://recall-linkcoo.com/ for more information.
Recall Details
Description: This recall involves LINKCOO corded window shades. The roller shades were sold in white, gray and black, and in sizes ranging between 10 and 75 inches wide and 79 inches high. "LINKCOO" is printed on the label sticker on the shades' lower pole.
Remedy: Consumers should immediately stop using the recalled window coverings, cut their cord and contact LINKCOO to receive a free repair, consisting of a replacement operating cord device. Consumers will be asked to send a photo of the recalled product with the operating cord cut to recalllinkcoo@163.com. Once the firm receives the photo, consumers will be sent a replacement short operating cord with installation instructions. Amazon is contacting all known purchasers directly.
Incidents/Injuries: None reported
Sold Exclusively Online: Amazon.com from December 2022 through September 2024 for between $20 and $88.
Retailer: Wenzhou Lingtuo Shangmao Youxiangongsi, dba LINKCOO, of China
Manufactured In: China
Recall number: 25-198
Note: Individual Commissioners may have statements related to this topic. Please visit www.cpsc.gov/commissioners to search for statements related to this or other topics.
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Original text here: https://www.cpsc.gov/Recalls/2025/LINKCOO-Blackout-Roller-Window-Shades-Recalled-Due-to-Strangulation-and-Entanglement-Hazards-and-Risk-of-Serious-Injury-or-Death-Violation-of-Federal-Regulations-for-Window-Coverings-Sold-Exclusively-on-Amazon-com-by-LINKCOO
