Bill > S4151

This bill, titled the "Unfunded Mandates Accountability and Transparency Act of 2026," amends the Unfunded Mandates Reform Act of 1995 to require agencies to conduct detailed "regulatory impact analyses" for "major rules," which are defined as rules likely to have a significant economic effect or impact on costs, prices, competition, or public welfare. These analyses must include anticipated benefits and costs, explore alternative regulatory approaches, assess impacts on governments and the private sector, and consider job creation or loss. The bill also mandates enhanced consultation with state, local, tribal governments, and private sector entities, including small businesses, throughout the rulemaking process. Furthermore, it requires agencies to select the regulatory alternative that maximizes net benefits, unless specific exceptions apply and are approved by the Office of Information and Regulatory Affairs (OIRA), which is given new oversight responsibilities. The bill also establishes a process for initiating rulemaking for major rules, allows for judicial review of an agency's compliance with these new analysis and consultation requirements, and clarifies that independent regulatory agencies are subject to these provisions, with an exemption for rules concerning monetary policy.