From: RegBlog | Penn Program on Regulation
Editor’s Note: The most important regulatory reform is Regulatory Budget.
If the United States moves toward a formal regulatory budget, regulators will face the challenge of selecting existing rules to review and rescind. President Obama and several of his predecessors already requested that agencies look back at existing regulations to find ones “to modify, streamline, expand, or repeal.” Although President Obama’s efforts resulted in some substantive reviews, regulators often added new regulations and costs rather than trimming them. Does President-elect Trump leave retrospective review in the hands of cabinet agencies, or task other governmental bodies such as the Congressional Budget Office or the Bureau of Economic Analysis with the job of reviewing more than 170,000 pages of past rules to determine candidates for rescission? Regardless of who is in charge, a functioning regulatory budget depends upon a robust retrospective review effort.