Such laws would require partial compensation whenever a federal action reduced the value of property by some set percentage and full compensation when the property was reduced in value below some low threshold. Congress should act quickly to pass takings legislation. In addition, it should require that payment come from the budget of the offending agency, creating an internal incentive to restrict regulatory actions to those that truly benefit the public. Require cost-benefit analysis. Cost-benefit analysis is a tool used to produce information by comparing the estimated costs of an action with the benefits it is likely to produce.
All policies involve trade-offs, impose costs and produce benefits.
Cost-benefit analysis provides a useful way to compare various options, all of which may be beneficial in some way but not all of which can be simultaneously undertaken. Cost-benefit analysis separates good intentions from good ideas. It does not curtail or eliminate the decision-making authority of elected officials or agency bureaucrats, but it does produce critical information that should be incorporated into all public decision making. Effective regulatory reform requires careful cost-benefit analyses before agencies take action or Congress renews programs. Mandate periodic reviews and sunset outdated, ineffective rules.