House Approves Bill Amending Rulemaking Process
Dec. 6, 2011 - The U.S. House of Representatives approved the "Regulatory Accountability Act of 2011," H.R. 3010, on December 2 amending the Administrative Procedures Act regarding rulemaking and adding provisions for rulemaking that imposes significant cost to the economy.
First, the proposal would require that new proposed federal rulemaking include discussion of legal authority; the significance of the problem addressed by the rulemaking; possible alternatives; and potential costs and benefits associated with the proposed rule and the alternatives.
Second, if the rulemaking will cost the economy annually more than $100 million (considered "major rule") or $1 billion ("high-impact rule"), an Advanced Notice of Proposed Rulemaking (ANPR) is required. The ANPR must include discussion of legal authority, preliminary considerations for the rule and 60 days for the public to comment. High impact rules also have additional requirements including public hearings.
The bill would exclude monetary policy rulemaking from the new requirements. H.R. 3010 is now awaiting Senate action. The bill as passed by the House can be viewed at this link.