Why This Matters
This bill aims to make sure that government agencies only consider clear financial benefits when creating new regulations. It helps ensure that regulations are based on solid economic data.
If you are affected by government regulations, they will be based on clear financial benefits rather than vague factors.
Affects: Government agencies and the public who are impacted by new regulations.
What changes is this bill making?
1. This bill requires agencies to focus only on measurable financial benefits in their regulatory analyses. 2. It prohibits agencies from considering factors that cannot be easily quantified or monetized. 3. Agencies must publish detailed summaries of their regulatory impact analyses for public review. 4. The Office of Management and Budget cannot allow the use of unquantified factors in analyses. 5. New guidance will be issued to ensure compliance with these requirements.
Who is affected?
Government agencies and the public who are impacted by new regulations.