Final answer:
HIPAA is the regulation that governs the protection of Protected Health Information and requires confidentiality in handling patient health records.
Step-by-step explanation:
The regulation under consideration that provides power over Protected Health Information (PHI) is the Health Insurance Portability and Accountability Act, also known as HIPAA. HIPAA was passed into law in 1996 and sets the standards for the protection of patient information, requiring businesses like insurance companies and healthcare providers to maintain strict confidentiality of health records. It protects against unauthorized, nonconsensual release of individually identifiable health information to any entity not actively engaged in providing healthcare to a patient.