Regulatory Sandbox Program: Temporary Waivers for Innovation and Economic Growth
This Act establishes a program allowing businesses to temporarily test new products and services without complying with certain federal rules or guidance. The goal is to incentivize business success, economic expansion, and job creation. Participating companies must clearly disclose that their offerings are being tested and may carry risks, while remaining liable for consumer harm.
Key points
Temporary Rule Waivers: Federal agencies can grant temporary waivers (for 2 years, renewable up to 4 additional periods) of specific rules or guidance for companies testing innovative offerings.
Consumer Disclosure Mandate: Companies must publicly inform consumers that their product is operating under a waiver, is undergoing testing, and may not function as intended, while confirming they are not immune from civil liability for damages.
Streamlining Regulations: The Director must annually submit a special message to Congress recommending which regulations should be amended or repealed if entities have operated safely without them.
New Oversight Office: An Office of Federal Regulatory Relief is established to manage the application process, review potential health, safety, and economic risks, and handle appeals.
Status:
Expired
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