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®: CRE Regulatory Action of the Week

OMB Requests Public Comment on Regulatory Review
On February 26, 2009, the United States Office of Management and Budget announced that it is developing a set of recommendations to the President for a new Executive Order on Federal Regulatory Review. OMB asked for public comments on how to improve the process and principles governing regulation, and on the principles and procedures governing regulatory review. In its Federal Register notice OMB explained:
    "For well over two decades, the Office of Information and Regulatory Affairs (OIRA) at OMB has reviewed Federal regulations. The purposes of such review have been to ensure consistency with Presidential priorities, to coordinate regulatory policy, and to offer a dispassionate and analytical ''second opinion'' on agency actions.

    In a recent Memorandum for the Heads of Executive Departments and Agencies, published in the Federal Register [74 FR 5977], the President directed the Director of OMB to produce a set of recommendations for a new Executive Order on Federal regulatory review. Among other things, he stated that the recommendations should offer suggestions for the following:

      The relationship between OIRA and the agencies;

      Disclosure and transparency;

      Encouraging public participation in agency regulatory processes;

      The role of cost-benefit analysis;

      The role of distributional considerations, fairness, and concern for the interests of future generations;

      Methods of ensuring that regulatory review does not produce undue delay;

      The role of the behavioral sciences in formulating regulatory policy; and

      The best tools for achieving public goals through the regulatory process."
Comments should be received by OMB in writing no later than March 16, 2009.
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