Reforming Regulatory Analysis, Review, and Oversight: A Guide for the Perplexed

Abstract

The number of regulations and their economic impact continue to grow. Yet the quality and use of economic analysis to inform regulatory decisions falls far short of the standards enunciated in executive orders governing regulatory analysis and review. Both the president and Congress have grappled in recent years with initiatives intended to reform the analytical requirements and oversight mechanisms that federal agencies must comply with when they propose and finalize regulations. Regulatory scholars have identified numerous additional provisions that could strengthen regulatory analysis, review, and oversight. This article summarizes proposals for change, explains their underlying rationales, and lists the pros and cons associated with each.

Keywords: administrative procedure, Administrative Procedure Act, regulation, regulatory reform, regulatory process, benefit-cost analysis, cost-benefit, regulatory impact analysis, regulatory review

JEL Classification: D61, D73, D78, H11, H83, K23, L51, P16