Subcommittee on Regulatory Affairs and Federal Management

POSTPONED: Reviewing the Rulemaking Records of Independent Regulatory Agencies

Date: June 16, 2016
Time: 10:00am
Location: SD-342, Dirksen Senate Office Building

Rules promulgated by independent regulatory agencies may have annual economic effects in the hundreds of millions of dollars, but unlike executive branch agencies, independent regulatory agencies are not subject to Executive Orders prescribing rulemaking analytical requirements, retrospective review efforts, and OIRA review.  OMB’s 2015 Report to Congress on the Benefits and Costs of Federal Regulations and Agency Compliance with the Unfunded Mandates Reform Act found that 10 of the 16 major rules issued by independent agencies provided some information on the benefits and costs of the regulation, and that independent agencies continue to struggle in providing monetized estimates of benefits and costs of regulation.

In this hearing, we plan to discuss the record of selected independent agencies in performing regulatory analyses, particularly cost-benefit analyses for the rules they issue.  We will also explore compliance with applicable statutory requirements, retrospective review efforts, and potential improvements that could be implemented to strengthen regulatory analyses and the effectiveness of rules promulgated and enforced by independent agencies.