Federal agencies would be required to select the most cost-effective regulatory option in rulemaking. Risk assessments would be included in the final rulemaking record, which would be subject to judicial review. The legislation would apply only to rulemaking having an economic impact of at least $100 million. As for existing rules, advisory committees of public and private representatives would select those for agency review. Public comment would be used to determine if these regulations should be amended or repealed. c
Reg reform redux
Although regulatory reform efforts stalled in the Senate last year, enough bipartisan support exists to fuel another attempt. New draft legislation being readied reportedly contains the popular risk assessment and cost/benefit analysis requirements, both of which would be examined by independent peer review panels.