PANELS Act

The PANELS Act, also known as Bill 118 hr 4369, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to establish a new process for reviewing and approving federal regulations that have a significant impact on the economy.

Under the PANELS Act, a panel of experts would be created to review proposed regulations and assess their potential economic impact. This panel would be made up of individuals with expertise in economics, business, and other relevant fields. The goal of this panel is to provide an independent and objective analysis of proposed regulations, helping to ensure that they are well-informed and based on sound economic principles.

The PANELS Act also includes provisions to increase transparency and accountability in the regulatory process. It requires agencies to provide detailed economic analyses of proposed regulations, as well as to consider the potential costs and benefits of alternative regulatory approaches. Additionally, the bill would require agencies to solicit public input on proposed regulations and to take into account the feedback received from stakeholders. Overall, the PANELS Act aims to improve the quality of federal regulations by ensuring that they are based on rigorous economic analysis and consideration of their potential impact on the economy. This bill is currently being debated in Congress, with supporters arguing that it will help to promote economic growth and job creation, while opponents raise concerns about potential delays and added bureaucracy in the regulatory process.