This bill would look to improve the monetary efficiency of government agencies. Every single one: from the FDA to the EPA, and everything in between. It would do so by requiring agencies that have an economic impact — defined as cost to taxpayers or businesses — of $100 million or more to open up their own analysis of how they use their budget to outside analysts.
The bill would also change the way rule-makers consider alternative rules, plus the impact of potential rules they are considering implementing. The judicial review process under this legislation would prevent judges from deferring to regulators’ assessments made throughout the public comment and hearing processes. It would also require that agencies with an impact of $1 billion or more hold public hearings on their budgets.
Current procedures for rule-making would be changed to require federal agencies to make all preliminary and final factual determinations based on evidence. They would also be mandated to consider:
The legal authority under which a rule may be proposed.
The specific nature and significance of the problem the agency may address with a rule.
Whether existing rules have created or contributed to the problem the agency may address with a rule, and whether these rules can be amended or rescinded.
Any reasonable alternatives for a new rule.
The potential costs and benefits associated with potential alternative rules.