A bill to amend title 5, United States Code, to improve the effectiveness of major rules in accomplishing their regulatory objectives by promoting retrospective review, and for other purposes.

Bill 118 s 4264, also known as the "Regulatory Improvement Act," aims to make changes to title 5 of the United States Code in order to enhance the effectiveness of major rules in achieving their regulatory goals. The bill focuses on promoting retrospective review, which involves looking back at existing regulations to assess their impact and make necessary adjustments.

The main goal of the bill is to ensure that regulations are achieving their intended objectives in a cost-effective manner. By requiring agencies to conduct regular reviews of major rules, the bill aims to identify any regulations that may be outdated, ineffective, or overly burdensome. This will help to streamline the regulatory process and ensure that regulations are serving their intended purpose without unnecessary costs or red tape.

In addition to promoting retrospective review, the bill also includes provisions for improving transparency and accountability in the regulatory process. This includes requiring agencies to provide detailed justifications for new regulations and to consider the input of stakeholders before finalizing rules. Overall, Bill 118 s 4264 seeks to enhance the efficiency and effectiveness of regulations by promoting regular review and ensuring that regulations are achieving their intended goals. By making these changes, the bill aims to create a more streamlined and responsive regulatory system that benefits both businesses and consumers.