First step to cutting red tape: better analysis

Editor’s Note: “Get the habit of analysis – analysis will in time enable synthesis to become your habit of mind.” — Frank Lloyd Wright

From: Examiner

Rep. Kevin Brady (R-TX), Chairman of the Joint Economic Committee, released the following statement upon the conclusion of a hearing the Committee held on how to provide better analysis before imposing new regulations:

“Today, there was bipartisan agreement that all federal regulatory agencies should use cost-benefit analysis when considering new federal regulations. During the decade ending in 2012, federal agencies published 37,786 final regulatory rules—with OMB presenting cost-benefit analysis for only 115 regulations. That is 3/10 of one percent—meaning only three in every 1,000 regulations were subject to a complete analysis of their effects on the U.S. economy, job creators and families.”

“I asked our esteemed panel today two basic questions: does anyone object to expanding cost benefit analysis to independent agencies like the SEC or the Fed as it is now applied to executive agencies; and does anyone believe closing loopholes so that no agency or regulations are exempt from an objective cost-benefit analysis if it is a major regulation? The witnesses answered ‘no’ to both questions.”

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