H.R. 3525: Regulatory Accountability Act

The "Regulatory Accountability Act" seeks to reform the processes that government agencies use when developing and implementing rules and guidance. Its main goals include the following:

Enhancements to Rulemaking Processes

The bill aims to establish more defined procedures for how agencies create rules, particularly focusing on major rules that have significant economic impacts. It emphasizes the importance of:

• Cost-Benefit Analyses: Agencies are to conduct analyses that weigh the potential benefits of proposed rules against their costs, ensuring that regulations are justified in economic terms.
• Public Disclosures: There will be greater transparency related to the rulemaking process, requiring agencies to disclose relevant information to the public.
• Stakeholder Engagement: The bill encourages involving stakeholders in the rule development process to consider their input and perspectives.

Guidance for Agencies

Agencies are required to adhere to updated guidance provided by the Administrator regarding the issuance of guidance documents. This is intended to:

• Ensure consistency across different agencies.
• Promote simplicity in the rulemaking process.
• Require comprehensive assessments of the major rules, both in terms of benefits and costs.

Oversight and Compliance

The Office of Information and Regulatory Affairs (OIRA) is designated to oversee the compliance of agencies with these new requirements. The goal is to improve the efficiency and effectiveness of regulatory processes through this oversight.

Amendments to the United States Code

The legislation also includes amendments to various sections of the United States Code. These changes involve updates to legal references, such as replacing references to "section 706(2)" with "section 706(a)(2)" and making similar adjustments to clarify and enhance consistency across different legal titles.

Relevant Companies

None found