Bill > HR572

This bill, known as the RED TAPE (Regulations Evaluated to Determine The Anticipated Price and Effect) Act, aims to strictly limit how federal agencies conduct regulatory impact analyses by prohibiting the use of non-monetized or unquantified factors when evaluating proposed rules. Specifically, agencies and the Office of Management and Budget (OMB) would be forbidden from considering any factors that cannot be directly translated into monetary value when performing benefit-cost analyses. The bill requires agencies to publish detailed summaries of their regulatory impact analyses in the Federal Register, including the methodology and specific economic impact calculations. If an agency is found to have used non-monetized factors in its analysis, any affected party can challenge the rule in federal court, and the court must invalidate the regulation if such factors were used. The bill defines regulatory impact analysis by referencing specific executive orders and OMB circulars, and mandates that OMB issue revised guidance to agencies within 90 days of the act's enactment to ensure compliance. The underlying intent is to make regulatory decision-making more financially focused and transparent, prioritizing quantifiable economic benefits over less tangible considerations.

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https://www.congress.gov/bill/119th-congress/house-bill/572/all-info