Regulatory Transparency Act of 2023
Regulatory Transparency Act of 2023
This bill requires agencies to determine that the benefits of a rule justify the costs of the rule before issuing a proposed, final, or interim final rule. The bill also requires agencies to complete a regulatory impact analysis that meets specified requirements before issuing an economically significant rule.
Economically significant rules are generally those with an annual effect on the economy of at least $100 million. Each regulatory impact analysis must include the potential benefits and costs of the rule and take into account the cumulative regulatory burden on the regulated entity. The analysis must also (1) be transparent, replicable, and objective; and (2) consider the potential effects on different types and sizes of businesses, if applicable.
The bill provides for judicial review of an agency's regulatory impact analysis.
Agencies also must consider a sunset date for an economically significant rule.
Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (Sponsor introductory remarks on measure: CR S828; text: CR S828-829)