Bill 119 s 76, also known as the "Regulatory Improvement Act," aims to amend title 5 of the United States Code in order to enhance the effectiveness of major rules in achieving their regulatory goals through promoting retrospective review. The bill seeks to establish a framework for agencies to regularly review existing regulations to ensure they are achieving their intended objectives in a cost-effective manner.
The key provisions of the bill include requiring agencies to conduct retrospective reviews of major rules every five years to assess their impact and effectiveness. Agencies would be required to consider factors such as the costs and benefits of the rule, its impact on small businesses, and whether it is achieving its intended goals. The bill also calls for agencies to solicit public input during the review process to ensure transparency and accountability.
Additionally, the bill includes provisions to streamline the regulatory process by requiring agencies to prioritize rules that are outdated, unnecessary, or overly burdensome. Agencies would be encouraged to repeal or modify rules that are no longer effective or impose unnecessary costs on businesses and individuals.
Overall, Bill 119 s 76 aims to improve the regulatory process by promoting regular review of existing rules to ensure they are achieving their intended objectives in a cost-effective manner. The bill seeks to enhance transparency, accountability, and efficiency in the regulatory process to benefit both businesses and individuals.