H.R. 2953: All Economic Regulations are Transparent Act

The proposed bill, known as the All Economic Regulations are Transparent Act or ALERT Act, aims to enhance transparency in the rule-making process of U.S. federal agencies. Here are the main components and requirements outlined in the bill:

Monthly Submissions by Agencies

Every agency is required to provide monthly updates to the Administrator of the Office of Information and Regulatory Affairs (OIRA). These updates must include:

• A summary of each proposed or final rule expected over the next 12 months, including identifiers for the rule.
• The objectives and legal basis for each rule, including any deadlines imposed by law.
• Indications of whether a cost-benefit analysis of the rule is planned.
• The current status of the rule-making process.

Publication of Information

Information submitted by agencies must be made publicly available on the Internet within 30 days of submission. An annual cumulative assessment of agency rule-making will also be published in the Federal Register by October 1 each year. This assessment will include:

• A summary of the number of rules proposed and finalized by each agency.
• An indication of whether cost-benefit analyses were conducted for those rules.
• The total costs associated with the proposed or final rules and any unfunded mandates.

Requirements for Rule Implementation

Rules cannot take effect until the required information regarding them is publicly accessible for at least six months. However, there are exceptions, such as:

• If an agency claims an exemption from specific procedural requirements.
• If the rule is deemed necessary by the President due to health or safety emergencies, enforcement of criminal laws, national security concerns, or adherence to international trade agreements.

Definitions and Technical Amendments

The bill also includes definitions for key terms, such as "agency," "rule," and "unfunded mandate," all aligning with existing law. Additionally, technical and conforming amendments will be made to update existing legal statutes to reflect the new requirements outlined in this bill.

Implementation Timeline

The first monthly submission by agencies is expected to occur within 30 days of the bill becoming law, with subsequent submissions continuing monthly. Annual publications will begin 60 days after enactment, and the requirement for public availability of rules will take effect eight months post-enactment.

Relevant Companies

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