FACTS Act

The FACTS Act, also known as Bill 118 s 3701, is a piece of legislation introduced in the US Congress. The purpose of this bill is to improve transparency and accountability in government by requiring federal agencies to report on the costs and benefits of regulations they propose.

Under the FACTS Act, federal agencies would be required to conduct a cost-benefit analysis for any new regulation that has an economic impact of $100 million or more. This analysis would include an assessment of the potential costs and benefits of the regulation, as well as an evaluation of any alternatives that may achieve the same goals at a lower cost.

The bill also requires agencies to publish this analysis on their websites and submit it to Congress for review. Additionally, the FACTS Act includes provisions to ensure that the analysis is conducted in a transparent and objective manner, with opportunities for public input and feedback. Overall, the FACTS Act aims to promote greater accountability and efficiency in the regulatory process, by ensuring that federal agencies carefully consider the costs and benefits of their actions before implementing new regulations.