New coalition aims at regulatory process

According to FPA's Thornburg, number one on the wish list is the inclusion of risk assessment in any proposed regulation. "Business has had hundreds of regulations imposed that cost millions of dollars," Thornburg noted. "The public needs to know the risk involved so it can make a decision as to whether the regulations are justified." Likewise, the coalition will be pressing for a cost/benefit analysis in any new proposal. The "contract" also calls for strengthening the Regulatory Flexibility Act and the Paperwork Reduction Act, as well as administrative procedures and personal property rights. Thornburg said there may be an attempt to roll back some of the more recent regulations enacted. According to another coalition member, one of its first moves will be to ask President Clinton to declare a moratorium on any new regulations for at least 100 days up to six months. The annual cost to business of government regulations has been estimated at $500 billion, of which environmental regulations account for $121 billion and growing. That's $5ꯠ for every household in the country, according to the Heritage Foundation.