GAO's analysis would include benefits and consequences that cannot be quantified in monetary terms. Two similar bills are circulating in the House, H.R. 3669 and H.R. 3531. Last year, OMB reported that regulatory benefits outweigh their costs as a whole. But a separate study by a think tank concluded that most individual regulations aren't cost-effective. While the General Accounting Office is always available to Congress for analysis of government programs, currently there's no oversight of proposed regulations, a Governmental Affairs Committee spokesman said.
Oversight comes after the regulation is in play.