Stricter rules and economic proof required for new federal regulations
This Act imposes significantly stricter requirements on federal agencies when issuing new, costly regulations (over $100 million annually). Agencies must now demonstrate that the economic benefits of a major rule justify its costs, promoting greater fiscal responsibility. Citizens benefit from increased transparency and longer comment periods, ensuring their input is considered before major rules take effect.
Key points
Economic Justification: Agencies must select the regulatory alternative that maximizes net benefits (benefits minus costs), making it harder to implement expensive rules without clear economic justification.
Increased Transparency: All data, studies, and models used to support major rules must be publicly accessible, and the standard comment period for major rules is extended to 90 days.
Oversight and Review: A central office (OIRA) gains authority to review and approve major regulatory proposals, and existing major rules must be periodically assessed (every 10 years) for effectiveness and necessity.
Judicial Review: Courts are granted greater power to review agency legal interpretations, potentially making it easier for citizens and businesses to challenge regulations.
Expired
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