This bill would aim to increase the information available to Congress & the public about federal mandates in proposed bills and regulations. It’d require agencies to measure a proposed rule’s annual effect on the economy, not just “expenditures”, and to conduct an Unfunded Mandates Reform Act (UMRA) analysis unless a law expressly prohibits them doing so. UMRA analyses would be required for all final rules, even those that weren’t subject to a public comment period.
The Congressional Budget Office’s (CBO) current policy of accounting for specific costs of federal mandates — such as foregone business profits, costs passed onto consumers and other entities or behavioral changes — would be codified into law. Congressional committee chairmen and ranking members would be granted authority to request that the CBO perform analyses comparing the authorized levels of funding in bills or resolutions with the potential loss of federal aid dollars when mandate compliance is a condition for that aid.
Federal agencies would be required to consult with private sector entities, like small businesses, that’ll be directly impacted by proposed regulations in the same way they do with state, local, and tribal governments. Agencies would be required to include an appendix in their annual reports to Congress detailing their regulatory consultation with state, local, and tribal governments and the private sector.
The Office of Information and Regulatory Affairs (OIRA) would be responsible for determining whether agencies have satisfied UMRA’s cost disclosure requirements. It’d allow the judicial branch to place a stay on regulations or invalidate rules if the originating federal agency fails to complete statutorily required UMRA analyses.