Increased Transparency and Oversight for Federal Regulations' Costs
This new law requires thorough cost-benefit analyses for significant federal regulations before they are enacted. The aim is to ensure new rules are well-considered and don't impose unexpected financial burdens on citizens, businesses, or local governments. Citizens will have more influence through earlier consultations and access to these analyses.
Key points
Major new federal regulations will require detailed impact analyses on the economy, prices, jobs, and costs for citizens and businesses.
Government agencies must choose alternatives that maximize net benefits, unless otherwise justified.
Public, business (including small businesses), and local government involvement in rulemaking will increase through earlier and broader consultations.
Citizens gain the right to judicial review to ensure agencies comply with new regulatory impact analysis requirements.
Independent regulatory agencies, except for monetary policy, will also be subject to these new requirements.
Expired
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