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Benefits & Costs of Regulations

OMB’s Draft 2012 Report to Congress on the Benefits and Costs of Federal Regulations and Unfunded Mandates on State, Local and Tribal Entities is open for public comment. A direct comment link is posted here for your convenience.

The report is required to be issued under the “Regulatory Right-to-Know Act.”  The draft report covers:

  • OMB’s view of the benefits and costs of major Federal regulations issued in FY 2011.
  • Regulatory impacts on State, local, and tribal governments, small business, wages, and economic growth.
  • Recommendations for regulatory reform.
  • Implementation of the Information Quality Act.
  • Agency compliance with the Unfunded Mandates Reform Act.

OMB has requested comments by “60 days” after publication.  We updated our “Regulatory Improvement” page on FR2 to help you read and comment on the draft and compare it to last year’s final report.

The key links for 2012 are:

Federal Register Notice of Availability & Request for Comments

  • Regulatory Right-to-Know Act (Pub. L. 106–554, § 1(a)(3) [title VI, § 624], Dec. 21, 2000, 114 Stat. 2763, 2763A–161 [reprinted below]
SEC. 624. (a) IN GENERAL.—For calendar year 2002 and each year thereafter, the Director of the Office of Management and Budget shall prepare and submit to Congress, with the budget submitted under section 1105 of title 31, United States Code, an accounting statement and associated report containing—
(1) an estimate of the total annual costs and benefits (including quantifiable and nonquantifiable effects) of Federalrules and paperwork, to the extent feasible—
(A) in the aggregate;
(B) by agency and agency program; and
(C) by major rule;
(2) an analysis of impacts of Federal regulation on State, local, and tribal government, small business, wages, and economic growth; and
(3) recommendations for reform.
(b) NOTICE.—The Director of the Office of Management and Budget shall provide public notice and an opportunity to comment on the statement and report under subsection (a) before the statement and report are submitted to Congress.
(c) GUIDELINES.—To implement this section, the Director of the Office of Management and Budget shall issue guidelines to agencies to standardize—
(1) measures of costs and benefits; and
(2) the format of accounting statements.
(d) PEER REVIEW.—The Director of the Office of Management and Budget shall provide for independent and external peer review of the guidelines and each accounting statement and associated report under this section. Such peer review shall not be subject to the Federal Advisory Committee Act (5 U.S.C. App.).