From: Regulatory Studies Center
by Sofie E. Miller, Senior Policy Analyst
On October 16, the Office Management and Budget (OMB) released its annual Draft Report to Congress on the Benefits and Costs of Federal Regulations (“the Report”), which provides a window into regulatory activity conducted by federal agencies in Fiscal Year 2014. The Report indicates that the new regulations issued last fiscal year have both higher costs and lower benefits than those issued in FY 2013, and that the Environmental Protection Agency (EPA) remains by far the largest contributor to both regulatory costs and benefits in this Report.
“The Report”
The 2015 Report provides an accounting of the costs and benefits of major regulations issued in FY 2014, along with those of 120 major regulations issued in the past ten years. While limited in scope (the draft Report totals include benefit and cost data for only 24% of the major regulations issued in FY 2014), these data can be used by the public to evaluate trends in regulatory costs and benefits over time.