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Oct 30 -- The Office of Management and Budget (OMB) requests comments on its Draft Report to Congress on the Benefits and Costs of Federal Regulations and Agency Compliance with the Unfunded Mandates Reform Act. The Draft Report is divided into two parts, the first of which is further divided into several chapters. Part I's Chapter I examines the benefits and costs of major Federal regulations issued in fiscal years 2020, 2021 and 2022. Chapter II discusses regulatory impacts on State, Local, and tribal governments, small business, wages and employment, and economic growth. Chapter III offers recommendations for regulatory reform. Part II summarizes agency compliance with the Unfunded Mandates Reform Act. OMB requests that comments be submitted electronically to OMB by December 15, 2023.

Congress directed the Office of Management and Budget to prepare an annual Report to Congress on the Benefits and Costs of Federal Regulations. Specifically, Section 624 of Title IV of the FY 2001 Treasury and General Government Appropriations Act, also known as the “Regulatory Right-to-Know Act” (the Act), requires OMB to submit a report on the benefits and costs of Federal regulations together with recommendations for reform. The Act states that the report should contain estimates of the costs and benefits of regulations in the aggregate, by agency and agency program, and by major rule, as well as an analysis of impacts of Federal regulation on State, local, and tribal governments, small businesses, wages, and economic growth. The Act also states that the report should be subject to notice and comment and peer review. OIRA requests public comments on the report in general, including its substance and format; how to improve transparency and accountability with respect to the effects of regulation; and the various recommendations for reform.

Draft report: https://www.whitehouse.gov/omb/information-regulatory-affairs/reports/#ORC
FRN: https://www.federalregister.gov/d/2023-23725

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