Bills of Congress by U.S. Congress

H.R.572 - Regulations Evaluated to Determine The Anticipated Price and Effect Act; RED TAPE Act (119th Congress)

Summary

H.R.572, also known as the RED TAPE Act, aims to prohibit the use of non-monetized or unquantified factors in regulatory analyses. The bill mandates that agencies prioritize tangible, quantifiable monetary benefits in their decision-making processes. This is intended to ensure that regulatory actions yield clear and measurable financial benefits while minimizing unnecessary regulatory costs.

Expected Effects

The bill would require agencies to revise their regulatory analyses to focus solely on monetized and quantified factors. It also empowers affected parties to challenge rules in court if non-monetized factors are considered. The Office of Management and Budget (OMB) would be responsible for issuing revised guidance to ensure compliance.

Potential Benefits

  • Increased transparency in regulatory decision-making through the publication of regulatory impact and benefit-cost analyses.
  • Greater focus on economic impacts, potentially leading to more efficient regulations.
  • Reduced regulatory burdens on businesses by limiting the consideration of non-monetized factors.
  • Enhanced judicial review to ensure agencies comply with the prohibition on non-monetized factors.
  • Clearer guidelines for agencies to follow when conducting regulatory analyses.

Potential Disadvantages

  • Potential neglect of important non-monetary factors, such as environmental or social impacts, in regulatory decisions.
  • Risk of prioritizing short-term economic gains over long-term societal benefits.
  • Possible challenges in accurately monetizing all relevant factors, leading to incomplete analyses.
  • Increased litigation as parties challenge rules based on the consideration of non-monetized factors.
  • Reduced flexibility for agencies to consider a wide range of factors in regulatory decision-making.

Constitutional Alignment

The bill's focus on regulatory analysis and its impact on economic activity falls under the implied powers of Congress to regulate commerce. Article I, Section 8 grants Congress the power to regulate commerce among the several states. The bill does not appear to infringe upon any specific constitutional rights or limitations.

Impact Assessment: Things You Care About

This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).