Racial equity is a crucial measure of a rule’s effectiveness
By Karen Petrou
President Biden’s initial actions after inauguration included an order ending the decades-old practice of measuring rules in terms of dollar costs. While this is a seemingly small move for a president facing a health pandemic, insurrection and so much else, it’s a paradigm-shaking change to the construct of U.S. regulation with far-reaching impact on U.S. financial policy. It thus drew rapid-fire conservative criticism about what they feared would be the subjective and political nature of new-age rules. However, rulemaking across the ages has always been subjective and political.