Mandatory Materiality Requirement Act of 2023

Bill 118 s 2005, also known as the Mandatory Materiality Requirement Act of 2023, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to establish a mandatory materiality requirement for all federal agencies when issuing regulations.

Under this proposed law, federal agencies would be required to determine whether the benefits of a regulation outweigh the costs before implementing it. This would ensure that regulations are only put in place if they are deemed to be necessary and beneficial to the public.

The bill also includes provisions for the establishment of a process for public comment and review of proposed regulations. This would allow for greater transparency and accountability in the regulatory process. Overall, the Mandatory Materiality Requirement Act of 2023 aims to promote more thoughtful and evidence-based decision-making when it comes to federal regulations. It seeks to ensure that regulations are only put in place when they are truly needed and will provide a net benefit to society.