'An oversight hearing with testimony from the Fed chairman and the relevant political officials from OMB would be an excellent way to get both organizations to commit to behaving lawfully.' -Richard Belzer
require the Fed to publish notice and accept public comments for no less than 60 days and publish a second notice responding to public comments no less than 30 days prior to seeking OMB approval. These notices must include, among other things, references to the Fed’s “pertinent statutory authority” and credible estimates of “practical utility” and its “burden” .has approval from the OMB
About those legal rights: OMB is not legally allowed to give an agency retroactive approval for a bootleg. And without prior OMB approval, none of the six banks targeted by the Fed has any legal obligation to provide it. Should the Fed attempt to penalize them for failing to comply, the Fed’s failure to obtain OMB approval is an affirmative defense in federal district court.
The Fed is not unique. Many federal agencies routinely violate the Paperwork Reduction Act. They do so when they are lazy, hurried, or venal. This is especially common in situations in which the public depends on favorable agency action. Examples range from patents to permits for individual infrastructure projects to demands like this for information under credible threat of retaliation.
Right now, federal agencies routinely take actions that lack delegated statutory authority, especially on matters in which the president has staked out a policy position contrary to law and dared Congress to do something about it.
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