Modernizing Retrospective Regulatory Review Act

Bill 118 hr 7533, also known as the Modernizing Retrospective Regulatory Review Act, is a piece of legislation introduced in the US Congress aimed at improving the process by which federal regulations are reviewed and evaluated. The bill seeks to streamline and modernize the retrospective regulatory review process, which is the practice of assessing the effectiveness and impact of existing regulations.

The main goal of the bill is to ensure that federal regulations are achieving their intended goals in a cost-effective manner, and to identify and eliminate any regulations that are outdated, unnecessary, or overly burdensome. The bill would require federal agencies to conduct regular reviews of their regulations to determine whether they are still necessary and effective, and to report their findings to Congress and the public.

The bill also includes provisions to increase transparency and public participation in the regulatory review process, such as requiring agencies to solicit public input and feedback on their regulations, and to consider the input of small businesses and other stakeholders. Additionally, the bill would establish a process for expedited review of regulations that are found to be particularly burdensome or ineffective. Overall, the Modernizing Retrospective Regulatory Review Act aims to improve the efficiency and effectiveness of the federal regulatory system, and to ensure that regulations are serving their intended purpose without imposing unnecessary costs or burdens on businesses and individuals.