The primary purpose of this bill is to amend the Unfunded Mandates Reform Act of 1995 to require regulatory impact analyses for certain major rules proposed by federal agencies. The key provisions include: - Defining a "major rule" as one that is likely to have an annual economic impact of $100 million or more, significantly increase costs or prices, or have significant adverse effects on various factors like competition and employment. - Requiring agencies to prepare and publish initial and final regulatory impact analyses for proposed and final major rules, analyzing costs, benefits, alternatives, and impacts on different groups. - Mandating that agencies select the alternative that maximizes net benefits, unless exceptions are approved by the Office of Information and Regulatory Affairs (OIRA). - Granting OIRA new oversight and reporting responsibilities related to agency compliance with the Act's requirements. - Allowing for judicial review of agency compliance with certain analytical requirements for major rules. The bill aims to increase transparency, analysis, and accountability in the federal rulemaking process, impacting federal agencies and potentially affecting various sectors of the economy and different regions or groups.
The primary purpose of this bill is to amend the Unfunded Mandates Reform Act of 1995 to require regulatory impact analyses for certain major rules proposed by federal agencies. The key provisions include: - Defining a "major rule" as one that is likely to have an annual economic impact of $100 million or more, significantly increase costs or prices, or have significant adverse effects on various factors like competition and employment. - Requiring agencies to prepare and publish initial and final regulatory impact analyses for proposed and final major rules, analyzing costs, benefits, alternatives, and impacts on different groups. - Mandating that agencies select the alternative that maximizes net benefits, unless exceptions are approved by the Office of Information and Regulatory Affairs (OIRA). - Granting OIRA new oversight and reporting responsibilities related to agency compliance with the Act's requirements. - Allowing for judicial review of agency compliance with certain analytical requirements for major rules. The bill aims to increase transparency, analysis, and accountability in the federal rulemaking process, impacting federal agencies and potentially affecting various sectors of the economy and different regions or groups.