This measure would change how federal agencies do economic reviews of rules. It bans agencies from using any non-monetized or unquantified factor when doing a regulatory impact analysis or a benefit-cost analysis for a proposed, final, or interim final rule. The Office of Management and Budget (OMB) would also be barred from authorizing or considering non-monetized or unquantified factors in those analyses. Agencies must publish in the Federal Register a summary and the full text of each regulatory impact analysis and benefit-cost analysis, including methods and rationale. The bill adds definitions that reference Executive Orders 12866, 13563, and 14094 and OMB Circulars A-4 and A-94. OMB must issue revised guidance within 90 days of enactment. Anyone affected by a rule that relied on non-monetized or unquantified factors may sue in district court; if the court finds such reliance, the court must declare the rule invalid. The provision applies to rules issued on or after November 9, 2023. The statute's amendments take effect 30 days after enactment.
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The bill’s findings state that agencies should prioritize tangible, immediately quantifiable monetary benefits in decision making. The text frames the change as a way to ensure regulatory actions yield clear and measurable financial benefits and to minimize unnecessary regulatory costs or burdens.
No publicly available information.