TRAP Act of 2021

Bill 117 HR 4806, also known as the TRAP Act of 2021, is a piece of legislation introduced in the US Congress. The acronym TRAP stands for Transparency in Regulatory Analysis of Potential Impacts on the Economy. The main purpose of this bill is to increase transparency and accountability in the regulatory process by requiring federal agencies to conduct thorough economic analysis before implementing new regulations.

The TRAP Act of 2021 would require federal agencies to assess the potential economic impact of proposed regulations on small businesses, consumers, and the overall economy. This analysis would include an evaluation of the costs and benefits of the regulation, as well as an assessment of any potential unintended consequences.

Additionally, the bill would require federal agencies to publish the results of their economic analysis in a publicly accessible format, allowing stakeholders to review and comment on the proposed regulations. This increased transparency is intended to ensure that regulations are based on sound economic principles and do not impose unnecessary burdens on businesses and consumers. Overall, the TRAP Act of 2021 aims to promote good governance and accountability in the regulatory process by requiring federal agencies to carefully consider the economic impact of their actions. By increasing transparency and public input, this bill seeks to ensure that regulations are effective, efficient, and in the best interest of the American people.