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  2. Cost-Benefit Analysis and Financial Regulator Rulemaking - badufyjuhi.cf
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  4. Cost-Benefit and Other Analysis Requirements in the Rulemaking Process

Under federal policy since , regulations should only proceed when the benefits justify the costs.

Cost-benefit requirements have enjoyed broad bipartisan support since they were first introduced: They help to ensure that the tradeoffs inherent in any regulation are described, quantified and evaluated when regulatory options are proposed and before a rule is finalized. In short, cost-benefit analysis is essential to ensuring that federal regulators find the right balance between the positive impact rules are intended to produce and the costs those rules impose.

It is important that all federal agencies, including EPA, develop accurate and transparent cost-benefit analyses for economically significant regulatory actions. Rules made under the authority of the Clean Air Act account for more than 95 percent of the benefits attributable to EPA regulation. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid's through —covering a variety of topics from agriculture to foreign policy to welfare.

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What responsibilities do I have when using this report? Dates and time periods associated with this report. Geographical information about where this report originated or about its content.

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You Are Here: home unt libraries government documents department this report. Description A common concern voiced by proponents of regulatory reform in recent decades has been that the costs associated with certain regulations outweigh the benefits that the regulations are intended to provide. Physical Description 34 pages. Who People and organizations associated with either the creation of this report or its content.

Cost-Benefit Analysis and Financial Regulator Rulemaking - badufyjuhi.cf

Author Carey, Maeve P. Analyst in Government Organization and Management. Publisher Library of Congress. Congressional Research Service. Place of Publication: Washington D. About Browse this Partner. What Descriptive information to help identify this report. Language English. Item Type Report. We want to stress that this web page provides only a brief summary — and one that we attempted to keep simple — of what we believe are the important elements in the process.

It should not be relied on as a legal document. In addition, DOT Order Department of Transportation. In our Rulemaking Requirements document, we provide hyperlinks to give you easy access to the statutes, executive orders, guidance documents, memoranda, etc. The process can lead to the issuance of a new rule, an amendment to an existing rule, or the repeal of an existing rule.

There are basically three types. The legal distinctions are not always clear, and an agency document or statement can contain more than one kind of rule. The three basic types are:. Interpretive Rules. These tell the public what the agency thinks the statute and the rules the agency administers mean.

Policy Statements. These tell the public how the agency plans to exercise a discretionary power. Management or Personnel. They concern the agency and do not affect the public. Organization, Procedure, or Practice. An agency cannot issue a legislative rule unless it is provided the authority to do so by statute. The statutory delegation can range from broad discretionary authority to a very specific mandate.

For example, Congress could delegate to DOT the authority to set minimum safety standards for the manufacture of automobiles that will be sold in the United States. Alternatively, the statute could mandate that DOT require airbags in all motor vehicles, that those airbags meet standards specified in the statute, and that the airbags be installed in all motor vehicles manufactured after a specified date. Between these two extremes, DOT may be delegated different levels of discretion.

For example, a statute could mandate that DOT issue a final rule to decrease the number of fatalities and injuries occurring in frontal collisions involving motor vehicles.

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Or the statute could mandate that DOT require airbags in all motor vehicles but give DOT the discretion to determine the specific standards the airbags must meet and the deadline by which they must be installed. There are many reasons why an agency may decide to initiate the rulemaking process. The major reasons for DOT agencies fit mostly in the following categories:.

Agencies may use risk assessments — an analytical tool for determining the probability of a problem occurring e. Before deciding to start the rulemaking process, an agency evaluates possible alternatives. We may also evaluate a range of possible substantive alternatives to fixing the problem.

For example, we might assess whether we should require replacement of a part or more frequent inspections of it. Whenever possible, agencies try to use performance standards rather than design standards. The latter would prescribe a specific fix, such as half-inch thick steel plating. The former sets a standard or objective that must be met.

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For example, if a crash test with dummies is required, the test instruments in the dummies must show that injuries did not exceed a specified level. The manufacturer can meet the performance standard through whatever means it deems best. Agencies use economic analyses sometimes referred to as benefit-cost analyses, regulatory impact analyses, or regulatory evaluations to help them determine the best alternative and whether the benefits of the rule would justify its costs.

Unless otherwise indicated, this summary briefly describes the process for issuing legislative rules — those that are legally binding. Administrative Procedure Act. There are numerous other statutes, executive orders, or agency rules that may impose additional requirements. For example, agencies have the discretion to hold public hearings or meetings, but some statutes may require them for particular rulemakings. Other statutes may require special analyses under particular circumstances. There are exceptions to the requirement for notice and comment.

Some agency rulemakings are completely exempted. The DOT agencies rarely, if ever, omit the proposed rule text. The NPRM also includes such information as the deadline for comments, how and where to file comments, and people to contact for information about the proposal. The preamble explains the need and the authority for the proposed rule, including a discussion of any statutory constraints. It also explains any rule text or subjects and issues involved. This would include how the agency chose its proposed solution to the problem or need for the rule.

For example, it may explain the safety data that justifies the proposed rule and applying it to certain individuals but not to others. The preamble will also often contain summaries of or the actual analyses the agency has prepared for the proposal e. NPRM publication. If it is not published in the Federal Register, the agency must personally serve all affected persons with a copy. This may be done when, for example, a rule only applies to the owners of a particular aircraft, and the owners are registered with the issuing agency and easily served.

Public comment period. Generally, agencies will allow 60 days for public comment. Sometimes we provide much longer periods. We may also use shorter periods where we can provide justification for them.

Cost-Benefit and Other Analysis Requirements in the Rulemaking Process

The public may also request more time; if you provide justification, that will help us make a decision on whether to extend or reopen the comment period. Agencies also may consider late-filed comments, to the extent their decisionmaking schedule permits that; commenters should, however, try to meet the published deadline, since there is no certainty their late-filed comments will be considered. Public docket. The NPRM is also placed in the public docket for that rulemaking. The rulemaking docket is the file in which DOT places all of the rulemaking documents it issues e. The public dockets for DOT and other executive branch agency rulemakings can be found at Regulations.

That site is searchable by docket number, among other things, and the docket number may be found at the beginning of the NPRM. Public comments. Agencies may receive anywhere from no comments to tens or hundreds of thousands of comments or more. They can be brief one-line or one-paragraph comments, or they may contain thousands of pages with detailed analysis.

We at DOT have found that public comments can be very helpful. We want public comment. We recognize that we do not have all the answers, that the public may identify a better way for us to achieve our objective, and that they may point out problems with our proposal that we did not see.

Our rules are improved through public participation. At the same time, we note that public commenters sometimes make assertions without including data to support them. They may contain arguments or data that conflict with those provided by other commenters. They may be vague or unclear. They may state a position without providing an explanation.


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Based on our experience, we have developed guidance on how the public can provide effective comments, which can be found elsewhere on this web page. Logical outgrowth test. The APA notice-and-comment process recognizes that changes may be made to the proposed rule based on the public comments received, but the courts have required that any changes made in the final rule be of a type that could have been reasonably anticipated by the public — a logical outgrowth of the proposal.

The final rule. After the comment period closes and the agency has reviewed the comments received and analyzed them, we decide whether to proceed with the rulemaking we proposed, issue a new or modified proposal, or withdraw the proposal. Before reaching our final decision, we will make any appropriate revisions to the various supporting analyses we prepared for the NPRM.

Any final rule must include a preamble and the rule text. The preamble includes a response to the significant, relevant issues raised in public comments, and a statement providing the basis and the purpose of the rule. We respond to all public comments at one time, in the preamble to the next rulemaking document after the proposal, such as the final rule or a withdrawal of the proposal.

We do not respond to public comment by letter, email, or other individual means. Final rule publication. The final rule is published in the Federal Register or personally served on affected interests. In addition, a copy is placed in the rulemaking docket along with the final version of any supporting documents. The Office of the Federal Register, on a rolling, annual basis, updates the Code of Federal Regulations CFR to reflect the additions, changes, or rescissions, made by the rule text. The CFR contains all Federal agency rules currently in effect as of the date of its publication.