Add another item to the Security and Exchange Commission's to-do list.

The Obama Administration issued an executive order earlier this month asking the SEC, the Commodities Futures Trading Commission, and other agencies to review regulations with an eye toward eliminating outdated, redundant, or overly burdensome rules. All information used to analyze the repealed rules must be made available online. The agencies have 120 days from the directive's publication date to submit their plan for periodic review to the public.

The order comes six months after the White House ordered all federal agencies to conduct a similar review, but exempted independent agencies, such as the SEC. At that time the order encouraged independent federal agencies to participate, but none of them did. The July executive order is non-binding. The order reminds regulators to adopt sound judgments in rulemaking processes, listen to public comments, and ensure that the final rules made are effective. It also calls for more teamwork among agencies to cut costs and reduce duplication.

When collecting feedback from the public in proposed rulemaking, agencies must avoid redundant regulations for some industries. Other recommendations from the directive include providing single and consistent regulations, giving public flexibility to voice their opinions, and using clear language when sharing information with the public.