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®: CRE Regulatory Action of the Week

OMB Publishes Final Cost Benefit Report To Congress
"Informing Regulatory Decisions: 2003 Report to Congress on the Costs and Benefits of Federal Regulations and Unfunded Mandates on State, Local, and Tribal Entities" is now available in final form after public comment on a draft version. OMB prepared this important document on regulatory policy under the Regulatory Right-to-Know Act and the Unfunded Mandates Reform Act. It includes estimates of the total costs and benefits of regulations reviewed by OMB, and an OMB review of regulations related to Homeland Security. Perhaps most important, it includes a revised OMB Circular A-4 on cost benefit and other regulatory analysis. Federal agencies will be expected to follow this guidance when they perform regulatory analysis under Executive Order 12866 and under the Regulatory Right-to-Know Act. OMB's guidance emphasizes that the data and analyses agencies use to support their rules under Executive Order 12866 and the Regulatory Right-to-Know Act must comply with the Data Quality Act and Guidelines. Circular A-4 at page 161 states that it "defines OMB's minimum quality standards for regulatory anlaysis."

  • Click for OMB's 2003 Cost Benefit Report to Congress.