True Cost Act

The True Cost Act, also known as Bill 118 hr 438, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to require federal agencies to take into account the full cost of proposed regulations before implementing them. This includes not only the direct costs to the government, but also the indirect costs to businesses, consumers, and the economy as a whole.

The True Cost Act aims to increase transparency and accountability in the regulatory process by ensuring that decision-makers have a complete understanding of the potential impacts of their actions. By considering the true cost of regulations, lawmakers can make more informed decisions that balance the need for regulation with the potential economic consequences.

Supporters of the True Cost Act argue that it will help prevent unnecessary and burdensome regulations that stifle economic growth and innovation. They believe that by taking a more comprehensive approach to regulatory analysis, the government can better protect public health and safety while also promoting a thriving economy. Opponents of the bill, however, are concerned that it could lead to delays in the regulatory process and make it more difficult for agencies to enact important protections for the environment, public health, and other critical issues. They argue that the true cost of regulations is often difficult to quantify and that requiring agencies to consider these costs could create unnecessary hurdles to implementing necessary regulations. Overall, the True Cost Act is a complex piece of legislation that seeks to improve the regulatory process by requiring federal agencies to consider the full economic impact of proposed regulations. As the bill continues to be debated in Congress, it will be important for lawmakers to carefully consider both the potential benefits and drawbacks of this approach.