Regulatory Review Act: Cutting Unnecessary and Costly Federal Rules
This Act establishes a special Commission tasked with reviewing all existing federal regulations to identify and eliminate those that are unnecessarily costly or obsolete. The goal is to reduce the cumulative cost of regulation on the economy by at least 15%, potentially leading to lower consumer prices and increased innovation. Furthermore, government agencies must generally repeal old, costly rules before introducing new ones to maintain a stable regulatory burden.
Key points
A new Retrospective Regulatory Review Commission is created to identify and classify burdensome rules for repeal if their costs outweigh benefits or they are outdated.
Implementation of a "Cut-Go" procedure: Agencies must repeal old, costly rules (identified by the Commission) with a cost reduction equal to or greater than the cost of any new regulation they introduce.
All new major rules must include a mandatory review plan within 10 years to prevent them from becoming obsolete or excessively burdensome.
Expired
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