Increased Transparency in Rulemaking: Cost Analysis and Regulatory Sunset Dates.
This law requires federal agencies to conduct a detailed cost-benefit analysis before issuing new, expensive rules (those with an annual economic effect of $100 million or more). The goal is to ensure new regulations are economically justified and do not impose excessive burdens on businesses and citizens. It also mandates the consideration of expiration dates for rules to prevent outdated and unnecessary regulations.
Key points
New, costly regulations must undergo a detailed economic analysis proving that benefits outweigh costs.
Agencies must consider less burdensome alternatives and potential expiration dates (sunset dates) for new regulations.
If an agency chooses a more expensive regulatory approach, it must publicly justify why the less costly alternative was rejected.
The changes aim to reduce regulatory burdens, potentially impacting business operating costs and consumer prices.
Status:
Expired
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