H.R. 8950: Reviewing the Effects of Programs, Orders, and Rules with Thorough Study Act

This bill, known as the Reviewing the Effects of Programs, Orders, and Rules with Thorough Study Act (or REPORTS Act), aims to ensure that the effects of federal government rules, programs, and policies on poverty and racial inequity are thoroughly analyzed and understood.

Key Provisions

• Impact Analysis Requirement: When a federal agency proposes a major rule, it must also provide an analysis that assesses how this rule could affect individuals living at, near, or below the poverty line, as well as its potential impact on racial inequity.
• Annual GAO Reports: The Government Accountability Office (GAO) is tasked with publishing an electronic report each year for a decade after the bill is enacted. These reports will evaluate between two and five government programs or policies that have had a significant economic impact in the previous five fiscal years, focusing on their effects on poverty and racial inequity.
• Racial Wealth Gap Consideration: The analyses and reports required by the bill may also include assessments of how government actions influence the racial wealth gap, if deemed appropriate by agency heads or the Comptroller General.

Definitions

The bill provides definitions for several key terms:

• Agency: Defined as per section 551 of title 5, United States Code.
• Major Rule: Defined according to section 804 of title 5, United States Code.
• Poverty Line, Racial Inequity, Racial Wealth Gap: These terms will be defined as appropriate by the Director of the Office of Management and Budget for analyses, and by the Comptroller General for reports.

Implementation Timeline

Once enacted, the processes mandated by the bill will begin with the publication of the first GAO report within one year, continuing annually for a total of ten years. The requirement for analysis with every major proposed rule will be an ongoing obligation for relevant agencies.

Relevant Companies

None found