It results from a petition by the NFA Trade and Collectors Association … why they petitioned, I cannot explain. Perhaps they counted upon the agency to be reasonable, which is never a good idea. Even if the agency is reasonable, the regs must clear the Office of Management and Budget, which is the President’s right arm in regulatory matters.
I’d really like to see the original petition. Trying to reason with bureaucrats is never a good idea. At best, they were hoodwinked by people who know how to play this game better than they do. There’s a lot of accusations floating around that they were complicit in a set up.