The legislation is contained in Section 624 of the Treasury-Postal Appropriations conference report, which now goes to the President for his signature.
People have a right to know the costs and benefits of important regulatory decisions.
This will help the Congress, the President, and the public better understand whether regulations are sensible and fair. It will give Congress the ability to perform its oversight function in a more efficient and effective manner. In order to make sound decisions, Congress must have access to how and why agencies make decisions, and what the consequences of those decisions would be. Now we members of Congress and the American people will know, each year, the real value of proposed Federal regulations. It also requires OMB to issue agency guidelines and to solicit public comment and expert peer review to continually improve the quality of the reports.