As required under Section 628 of the FY 2000 Treasury and General Government Appropriations Act, OMB has recently produced a Draft Report to Congress on the Costs and Benefits of Federal Regulations, which includes estimates of the costs and benefits of regulations in the aggregate, by agency and agency program, and by major rule, as well as recommendations for reform in the regulatory process. The Act requires OMB to analyze the impacts of federal regulation on state, local, and tribal governments, small businesses, wages, and economic growth. It also mandates that OMB must go through notice and comment procedures and peer review of the Report before its submission to Congress. OMB has divided the Draft Report into an introduction and three chapters, which generally include the following elements. Click here to immediately access the Draft Report.
Introduction Provides background information and sets the following chapters in context.
I Discusses various types of regulations and problems encountered by OMB in the past in terms of estimating total costs and benefits of federal regulations. Proposes new approaches to produce better estimates. Provides information on costs and benefits of major regulations issued by independent agencies during the same period. Seeks comments on the above proposal as well as other suggestions to improve the transparency and the public's understanding of the regulatory analyses provided by agencies. How to Submit Comments to OMB OMB is accepting written public comment on the Draft Report until July 2, 2001.