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The Agricultural Marketing Service (AMS) has made a final rule that changes how butterfat testing records are handled for the Dairy Grading and Inspection Program. The rule allows plants to do butterfat tests in-house or at approved third-party labs and obligates them to keep these records available for inspection by the USDA. This change aims to streamline processes by aligning with current industry practices and providing a more accurate picture of the butter's quality over time. The rule is expected to help butter plants save between $4,560 and $31,560 annually by eliminating the need for duplicate USDA inspections.

The Agricultural Marketing Service of the USDA has delayed the effective date of a rule regarding plant records for the Dairy Grading and Inspection Program. Originally set for January 16, 2025, the rule's new effective date is March 21, 2025. This rule allows butterfat tests to be conducted at either in-house or third-party labs and requires records to be available for USDA inspector review. The delay is part of a regulatory review to ensure compliance with a recent presidential memorandum.

The Food and Drug Administration (FDA) is proposing a rule to require testing of talc-containing cosmetic products to detect and identify asbestos, which is a known carcinogen. This rule would mandate the use of standardized testing methods involving both Polarized Light Microscopy and Transmission Electron Microscopy to ensure that cosmetics do not contain asbestos, which poses health risks to consumers. Manufacturers would need to test each batch or lot of their products or rely on certified analysis from suppliers, and they must maintain records of the testing. This rule aims to enhance consumer safety by reducing the risk of asbestos exposure from cosmetic products.

The Federal Aviation Administration (FAA) has issued a rule that requires repair stations outside the United States, which maintain certain U.S. commercial aircraft, to conduct drug and alcohol testing for their employees who perform safety-sensitive tasks. This rule aims to align with local laws where these stations operate and provides several pathways for compliance, such as seeking waivers if local laws conflict with FAA regulations. The rule will take effect in January 2025, with full compliance required by December 2027. This regulation is part of an ongoing effort to ensure aviation safety by ensuring that repair station employees meet similar standards to those in the United States.

The Securities and Exchange Commission (SEC) has released a notice regarding an application from SEG Partners Long/Short Equity Fund and Select Equity Group, L.P. These companies are seeking an exemption to allow them to issue multiple classes of shares, and to charge early withdrawal fees as well as asset-based distribution and service fees. The application was filed on January 6, 2025, and a decision granting this request will be made unless a hearing is requested by interested parties. The deadline for hearing requests is March 3, 2025, and more information can be found on the SEC's website.

TBL Group, Inc., a holding company that manages several interstate motor passenger carriers, has requested the Surface Transportation Board's approval to acquire Reston Limousine & Travel Service, Inc. The Board is tentatively approving this acquisition, which will become final if no comments are filed by March 31, 2025. The transaction is expected to enhance transportation services by improving operational efficiencies and increasing capacity, without significantly affecting employees or the level of service to the public. If finalized, Reston will continue its operations under its current name.

The Veterans Benefits Administration of the Department of Veterans Affairs is seeking public comments on a new information collection form called VA Form SGLV 8714 for Veterans Group Life Insurance. This form is intended to allow third parties to assist veterans with their insurance needs, especially those who are elderly or have disabilities. The information collected is optional and not required for receiving insurance benefits. The Office of Management and Budget (OMB) is reviewing this submission and comments are open until January 8, 2025.

The Treasury Department and the Internal Revenue Service (IRS) have issued final regulations to update the rules for corporations that file consolidated federal income tax returns. These new regulations aim to bring the language up to date, clarify the existing rules, and reflect recent legal changes. They also remove outdated regulations and adjust tax rules, such as how losses are carried back or forward, considering a corporation's at-risk amount. These changes will mainly affect larger corporations that often file these types of consolidated returns.

The U.S. Department of Transportation (DOT) is proposing a temporary change to its drug testing rules. Currently, rules require oral fluid tests in some situations, but because the necessary laboratories are not certified, these tests can't be performed yet. The new rule aims to temporarily allow directly observed urine tests instead until oral fluid testing becomes available. This interim rule will only be in place until the required facilities and procedures for oral fluid testing are established.

The Securities and Exchange Commission (SEC) is seeking public comments on reform measures for money market funds to improve their resilience and prevent future economic stress. The reforms, discussed in a report by the President's Working Group on Financial Markets, aim to address issues observed during the COVID-19 pandemic when money market funds experienced significant stress and required government intervention. Measures under consideration include changes to fund liquidity management, new redemption rules, and potential requirements for fund sponsors to provide support. Public input will inform these reforms to enhance the stability of money market funds and related financial markets.