October 2021 will mark the fiftieth year of continuous centralized regulatory review. During this time period we have witnessed the issuance of a series of landmark Executive Orders including EO 12291, EO 12886, EO 13563 and EO 13371. Each of the aforementioned Executive Orders are based on the two key provisions of the original mandate for centralized regulatory review promulgated in October 1971 which stated:
(1) Proposed and final regulations…should be submitted to the Office of Management and Budget.
(2) The regulations should be accompanied by a summary description indicating a comparison of the expected benefits or accomplishments and the costs (Federal and non-Federal) associated with the alternatives considered.
The two aforementioned provisions are contained in a October 5, 1971 memorandum from the Director of OMB to the Executive Branch Departments and Agencies commonly referred to as the “Quality of Life Review” which throughout the years was shepherded by a number of parties.