Vote Smart's Synopsis:

Vote to pass a bill requiring externally peer reviewed economic impacts analysis for major proposed regulations.

Highlights:

• Defines "related economic impacts analysis" as an analysis of the reasonably identifiable and significant impacts of a major proposed regulation based on empirical data or other scientific or economic findings, conclusions, or assumptions, including, but not limited to (Sec.1):
• Short-term and long-term jobs affected by the major proposed regulation; and
• The revenues to the General Fund and special funds attributable to the major proposed regulation.

• Requires that an agency enter into an agreement with the National Bureau of Economic Research, the University of California, the California State University, or a group of economists of comparable stature and qualifications to conduct an external peer review of the related economic impacts analysis of the major proposed regulation (Sec. 1).

• Prohibits persons with any conflict of interest from serving as an external peer reviewer of a proposed regulation (Sec. 1).

• Authorizes that if an agency disagrees with the findings of the external peer reviewer it can explain its basis for disagreement as part of the rulemaking record and that a public hearing will be held in which the public can comment on the written report of the external peer reviewer and the agency's disagreement with that report (Sec. 1).

• Specifies that once an external peer review of the related economic impacts analysis has been completed the agency will not be required to conduct additional peer reviews (Sec. 1).

Full Bill Text