Assessing the Costs and Benefits of Regulations

According to the SBA Office of Advocacy federal regulations impose a $1.75 trillion annual burden on the U.S. economy.  One way to address this burden is by conducting retrospective reviews of existing regulations. Studies show that measuring and evaluating the actual results of regulations allows agencies to revise or eliminate regulations that are not working.  Such reviews of existing rules can also help agencies make better rules in the future.

The administration has issued Executive Orders requiring agencies to examine existing rules and identify how they can be improved.  In order to evaluate agency progress in conducting retrospective reviews and assessment of the costs and benefits of proposed rules I have joined Sen. Mark Warner (D-VA) to ask the Government Accountability Office (GAO) to review whether agencies have been conducting retrospective analysis and the outcomes of these reviews.   

You can read the letter here.