Yesterday Sen. Marco Rubio (R-FL) introduced legislation to create a new independent regulatory agency, National Regulatory Budget Act of 2014. The act would set up the Office of Regulatory Analysis (ORA) to provide an annual regulatory analysis of federal rules and their economic costs for the upcoming year, in dollars. Its job would be to assess and report on the economic costs of existing and new federal regulations.
Under this legislation an ORA director would be nominated by the President for four years under the guidance and consent of the U.S. Senate. Congress would set caps on the total economic cost of regulations that can be implemented and enforced by the federal government, based on estimates of cost of all existing federal regulations provided by the ORA.
The ORA would establish the time-line for Congress on passage of the National Regulatory Budget each year, full public disclosure on estimated methodology and data used, provide an annual report on national regulatory costs and submit it to the following Committees:
- Senate Homeland Security & Governmental Affairs Committee of the Senate;
- the Senate Committee on Small Business and Entrepreneurship,
- the House Oversight and Government Reform Committee, and
- the House Committee on Small Business.
Sen. Rubio stated, “ The purpose of regulations should be to protect consumers and keep people safe, not to needlessly prevent innovation, economic growth and new job opportunities from happening.”