The Regulatory Accountability Act of 2017 (S. 951) would direct federal agencies and departments to choose the most “cost-effective” option available when writing new rules and regulations. The Bill was introduced in the Senate by Senators Rob Portman (R-OH) and Heidi Heitkamp (D-ND), was passed by the Senate Homeland Security Committee in May and now awaits action on the Senate floor.
Specifically, the bill would:
- Require Effective Cost-Benefit Analysis. The bill would require an analysis of the costs and benefits of new regulations. It would also require agencies to adopt the most cost-effective approach to achieve their objectives.
- Improve Transparency and Accountability in the Federal Regulatory Process. The bill would invite early public participation on major rules and require federal agencies to disclose the information they rely upon. It also requires that agencies use sound scientific and technical data to justify new rules.
- Provide Certainty for Businesses and Consumers. Codification of the key bipartisan regulatory executive orders that have been in place from President Reagan through President Obama today would provide certainty to federal agencies, as well as businesses and consumers.
- Create an Automatic Review Process for Major Regulations. The bill would require federal agencies to review the largest, most significant rules at least once every 10 years to ensure that those rules are still meeting regulatory objectives and to consider whether they could be improved to produce better results or be more cost-effective.
- Allow Federal Agency Hearings on the Most Significant Regulations. The measure would require federal agencies to follow a more evidence-based approach in crafting rules that will cost more than $1 billion annually.
The Hardwood Federation is urging individuals to contact their Senator in support of the Regulatory Accountability Act of 2017 by clicking here: Contact Your Senator Regarding the Regulatory Accountability Act (RAA) of 2017.