To amend the Unfunded Mandates Reform Act of 1995 to provide for regulatory impact analyses for certain rules, and for other purposes.

Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on Rules, the Budget, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Bill 119 HR 580, also known as the Regulatory Impact Analysis Act, aims to amend the Unfunded Mandates Reform Act of 1995 in order to require regulatory impact analyses for certain rules. The bill seeks to provide a more thorough evaluation of the potential impacts of regulations on businesses, individuals, and state and local governments.

The Regulatory Impact Analysis Act would require federal agencies to conduct a detailed analysis of the costs and benefits of proposed regulations that are expected to have a significant economic impact. This analysis would include an assessment of the potential effects on small businesses, consumers, and the overall economy.

The bill also aims to increase transparency and accountability in the regulatory process by requiring agencies to publish the results of their impact analyses and provide an opportunity for public comment before finalizing regulations. Overall, the goal of Bill 119 HR 580 is to ensure that regulations are carefully considered and justified, taking into account their potential impact on the economy and society as a whole. By requiring regulatory impact analyses for certain rules, the bill aims to promote more informed decision-making and help prevent unnecessary burdens on businesses and individuals.