Enhanced Transparency and Accountability for Federal Regulations' Costs
This new law aims to increase transparency and accountability for government agencies when introducing new, costly regulations. It requires detailed economic impact analyses, including effects on citizens and businesses, and public consultations. This will give citizens better insight into the potential costs and benefits of new regulations.
Key points
Federal agencies must analyze and publish the anticipated costs and benefits of new, significant regulations, including their impact on prices, employment, and competition.
Mandatory early and broader consultations with citizens, businesses (including small ones), and state, local, and tribal governments are required before new regulations are introduced.
Citizens gain the right to judicial review to ensure agencies properly assessed the impact of new rules, increasing their ability to influence the regulatory process.
The act extends oversight to independent regulatory agencies, with the exception of monetary policy, meaning more regulations will be subject to new transparency requirements.
Placed on Calendar
Citizen Poll