Congressman Bob Goodlatte reintroduced bipartisan legislation today to reform the federal regulatory process. The Regulatory Accountability Act (H.R. 2122), which passed the House of Representatives in the 112th Congress, reforms the current federal rulemaking process to lower the costs and improve the quality of new regulations.
"America's job creators are being buried under an avalanche of federal regulations. When small business owners and entrepreneurs have to divert precious resources to manage costly new mandates that are coming down from Washington, they have fewer resources available to grow their business or create jobs and this has a devastating impact on our national economy. If we are to grow our economy and get more Americans back to work, Washington must get out of the way. The Regulatory Accountability Act solves the problem of overreaching and unnecessary regulation by providing greater transparency, cost-benefit analysis of new rules, and a more thorough process for high-impact rules."
The Regulatory Accountability Act requires federal agencies to choose the lowest cost rulemaking alternative that meets statutory objectives, improves agency fact-gathering, fact-finding and identification of regulatory alternatives, requires advance notice of proposed major rulemakings to increase public input before costly agency positions are proposed, and fortifies judicial review of new agency regulations.
Companion legislation was also introduced today in the U.S. Senate.