S. 148

119 S148 IS: Regulations Evaluated to Determine The Anticipated Price and Effect Act
 U.S. Senate
 2025-01-17
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 148  IN THE SENATE OF THE UNITED STATES   January 17, 2025   Ms. Ernst  (for herself and  Mr. Lankford ) introduced the following bill; which was read twice and referred to the  Committee on Homeland Security and Governmental Affairs    A BILL
To prohibit the use of non-monetized or unqualified factors for regulatory analyses, and for other purposes.
1.
Short title
This Act may be cited as the   Regulations Evaluated to Determine The Anticipated Price and Effect Act   or the   RED TAPE Act  .
2.
Findings
Congress finds that agencies must prioritize tangible, immediately quantifiable monetary benefits in their decision making processes, ensuring regulatory actions yield clear and measurable financial benefits to the public and private sectors while minimizing unnecessary regulatory costs or burdens.
3.
Prohibition on net benefit discounts; consideration of regulatory impact analyses
(a)
In general
 Chapter 6  of title 5, United States Code, is amended—
(1)
in section 601—
(A)
in paragraph (6), by striking  and  at the end;
(B)
in paragraph (7), by striking the period at the end and inserting a semicolon; and
(C)
by adding at the end the following:
(8)
the term  benefit-cost analysis  has the meaning given the term in Office of Management and Budget Circular A–94, as revised on November 9, 2023, or any successor revision; and
(9)
the term  regulatory impact analysis  means a regulatory analysis described in—
(A)
Executive Order 12866 ( 5 U.S.C. 601  note; relating to regulatory planning and review);
(B)
Executive Order 13563 ( 5 U.S.C. 601  note; relating to improving regulation and regulatory review);
(C)
Executive Order 14094 (88 Fed. Reg. 21879; relating to modernizing regulatory review);
(D)
Office of Management and Budget Circular No. A–4, as revised on November 9, 2023, or any successor revision; or
(E)
Office of Management and Budget Circular No. A–94, as revised on November 9, 2023, or any successor revision.
 ; and
(2)
by adding at the end the following:
613.
Prohibition on use of non-monetized or unqualified factors for regulatory analyses
(a)
Agency prohibition
An agency may not consider any non-monetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis on any proposed rule, final rule, or interim final rule.
(b)
OMB prohibition
The Office of Management and Budget may not—
(1)
authorize in any manner, such as in issuing guidance, a memorandum, a directive, or a rule that permit or endorse the analysis or use of any non-monetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis on any proposed rule, final rule, or interim final rule; or
(2)
consider any non-monetized or unquantified factor presented in a regulatory impact analysis or benefit-cost analysis of another agency.
(c)
Public transparency
Each agency shall publish in the Federal Register, with respect to and along with each proposed rule, final rule, or interim final rule—
(1)
a summary of each regulatory impact analysis and benefit-cost analysis conducted by the agency;
(2)
the text of each regulatory impact analysis and benefit-cost analysis conducted by the agency, including a disclosure of the methodology and specific analyses used by the agency in estimating economic impacts, and the determination and rationale of such economic impact analyses; and
(3)
any additional information of the agency relevant to the regulatory impact and benefit-cost analyses conducted by the agency, such as the decision-making processes of the agency.
(d)
Regulatory guidance
Not later than 90 days after the date of enactment of this section, the Director of the Office of Management and Budget shall issue revised guidance to agencies to ensure compliance with the provisions of this section.
(e)
Judicial review
(1)
In general
Any party affected by a rule issued by an agency that considered a non-monetized or unquantified factor when conducting a regulatory impact or benefit-cost analysis in violation of this section may bring a civil action against the agency to challenge the rule in a district court of the United States.
(2)
Invalidation of regulation
If the court finds that an agency relied upon non-monetized or unquantified factors to evaluate a final rule or interim final rule in contravention of this section, the court shall declare the rule invalid.
(3)
Statute of limitations
This subsection shall apply with respect to any rule issued by an agency on or after November 9, 2023.
 .
(b)
Technical and conforming amendment
The table of sections for  chapter 6  of title 5, United States Code, is amended by adding at the end the following:
613. Prohibition on use of non-monetized or unquantified factors for regulatory analyses.
  .
4.
Effective date
The amendments made by section 3 shall take effect on the date that is 30 days after the date of enactment of this Act.