Federal agencies are under mounting pressure from business groups to run rigorous economic tests before handing down regulations.
As the focus in Washington shifts focus from legislation to regulation in President Obama’s second term, the private sector is calling for strengthened requirements on agencies to measure the costs and benefits of new rules.
A study issued Tuesday by the U.S. Chamber of Commerce, for example, urged regulators to adopt “rigorous cost-benefit analysis to arrive at more rational decision-making,” especially as they consider the hundreds of rules required by the Dodd-Frank financial reform law.
“This is 400 rules happening at once across 20 agencies,” David Hirschmann, president of the Chamber’s Center for Capital Markets Competitiveness, said of Dodd-Frank.
Republicans in Congress have seized on the call for increased cost-benefit testing, putting forward legislation that would impose new review requirements. GOP lawmakers have rallied behind the Regulations from the Executive in Need of Scrutiny (REINS) Act, which would impose congressional oversight of rules that are estimated to cost $100 million or more.
Read more: http://thehill.com/blogs/regwatch/legislation/287793-business-presses-feds-to-dive-deeper-into-costs-of-new-regs#ixzz2NQvmJ0A9
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