Centralized Regulatory Review began in 1971 when the Director of OMB instituted the Quality of Life Review which required agencies to:
(1) perform a benefit-cost analysis of proposed regulations, and
(2) submit the aforementioned analysis to OMB for review.
During the past one-half a century the aforementioned process has withstood criticism, threats and even unconscionable reductions in staff levels. It has, however, made modifications to its operating procedures in response to some of the aforementioned criticisms.