FAA increases inspections for American Airlines, Judge Rakoff rejects SEC settlement, Facebook settles with FTC over privacy violations, and more.
- Judge Rakoff of the Southern District of New York rejected a $285 million settlement between the Securities and Exchange Commission (SEC) and Citigroup over allegations of fraud. See related The Regulatory Review essay.
- The 2011 UN Climate Change Conference began this week in Durban, South Africa, to discuss international progress in addressing greenhouse gas emissions.
- The European Commission proposed a regulation requiring publicly traded companies to split auditing and consulting services and for auditors to increase transparency of their auditing processes.
- The Center for Progressive Reform published a report on meetings scheduled between staff of the U.S. White House Office of Information and Regulatory Affairs (OIRA) and representatives of outside groups.
- Facebook entered into a proposed settlement with the Federal Trade Commission (FTC) over a complaint the agency filed alleging Facebook failed to comply with its own privacy policy and mislead users.
- The Federal Motor Carrier Safety Administration and Pipeline and Hazardous Materials Safety Administration issued a rule prohibiting drivers of buses and large trucks from using hand-held cellular phones while driving.
- The Federal Aviation Administration (FAA) announced that it will increase random safety inspections of American Airlines and American Eagle Airlines after their parent company, AMR Corp, filed for bankruptcy.
- The U.S. Supreme Court agreed to hear a case from the 9th Circuit on whether drug sales representatives of GlaxoSmithKline PLC are entitled to overtime pay under the Fair Labor Standards Act (FLSA).
- Enrique Peña Nieto, who formally declared his candidacy for the President of Mexico this week, has proposed addressing economic growth concerns by allowing private investment in the national oil monopoly, Pemex.
- The National Highway and Traffic Safety Administration (NHTSA) released for public comment an evaluation report on a safety standard requiring energy-absorbing materials in car interiors.
- The Federal Reserve appointed Michael Gibson as Director of the Banking Supervision and Regulation Division.
