Federal agencies would face mandatory cost-benefit reviews under HR 580

What does this do?

HR 580 expands a 1995 law to require federal agencies to analyze costs and benefits of any major rule before it takes effect. A major rule is defined as one that could cost $100 million or more per year, significantly raise prices, or harm jobs, competition, or public health. Agencies must publish these analyses, consider alternative approaches, and choose the option with the most benefit for the least cost.

Who does it affect?

The bill applies to federal agencies across the government, including independent regulatory agencies like the FCC and SEC that were previously exempt. It also affects businesses of all sizes, state and local governments, tribal governments, and anyone subject to federal regulations.

Why does it matter?

Agencies would face new procedural requirements including a public notice at least 90 days before formally proposing a rule, giving governments, tribal nations, businesses, and individuals more time to respond. People and businesses harmed by a major rule would gain the right to sue in federal court if an agency skipped or mishandled the required cost-benefit analysis.

Where does it stand?