Bill > S2931

This bill, titled the Unfunded Mandates Accountability Act of 2014, aims to enhance transparency and accountability in government rulemaking by amending the Unfunded Mandates Reform Act of 1995. Key provisions include requiring federal agencies to conduct and publish detailed "regulatory impact analyses" for proposed or final rules expected to have a significant economic effect, defined as an annual impact of $100 million or more on the economy or government expenditures. These analyses must quantify anticipated benefits and costs, explore various regulatory alternatives including less burdensome options, and assess potential impacts on different regions, governments, communities, and sectors, including job creation or loss. Furthermore, agencies must select the "least burdensome" alternative that achieves the rule's objectives or provide a clear explanation if they do not. The bill also extends these requirements to independent regulatory agencies, with an exemption for rules concerning monetary policy by the Federal Reserve, and establishes a right for individuals affected by a rule to seek judicial review of the agency's compliance with these new analysis and consideration requirements.