[ELI5] In practice, what’s the difference of Policy, Regulation, and Law?
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A policy is purely discretionary. It can change on a dime. It’s essentially a politician’s promise, which is not binding at all, and often ignored. It’s especially likely to change if a new President is elected, although historically some U.S. foreign policies have been carried out by Republicans and Democrats alike over decades, even though neither party was legally bound to do so.
A regulation is created by an agency in order to carry out a law. It only affects the entities regulated by that agency. The agencies that issue regulations are delegated that authority by laws.
A law is created by a legislative body and applies to everyone governed by that legislative body. It’s normally much broader and harder to change than a regulation.
In the U.S., Constitutional law is even harder to change than other laws. There are special requirements for amending the Constitution that make it difficult, but not impossible, to do.
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