JEC Hearing Highlights
Texas Insider Report: WASHINGTON D.C. Rep. Kevin Brady (R-TX) Chairman of the Joint Economic Committee released the following statement upon the conclusion of a hearing the Committee held on how to provide better analysis before imposing new regulations:
Today there was bipartisan agreement that all federal regulatory agencies should use cost-benefit analysis when considering new federal regulations. During the decade ending in 2012 federal agencies published 37786 final regulatory ruleswith OMB presenting cost-benefit analysis for only 115 regulations. That is 3/10 of one percentmeaning only three in every 1000 regulations were subject to a complete analysis of their effects on the U.S. economy job creators and families."
I asked our esteemed panel today two basic questions: does anyone object to expanding cost benefit analysis to independent agencies like the SEC or the Fed as it is now applied to executive agencies; and does anyone believe closing loopholes so that no agency or regulations are exempt from an objective cost-benefit analysis if it is a major regulation? The witnesses answered no to both questions."
This hearing examined the regulatory burdens on our economy. Senator Dan Coates and I have introduced
The Sound Regulation Act of 2014 that
would expand cost-benefit analysis to all federal regulatory agencies require objective economic analysis and transparency require an agency to justify the regulatory decisions made and review existing regulations on a timely basis to determine their costs and success."
In our struggling economy we must both reduce the burden of unnecessary and costly regulations and protect public health and safety and the environment. The
Sound Regulation Act would help us achieve both of these goals."
