3.0.0 2099 2023-01-11T13:26:46Z 2023-01-11T13:26:46Z Senate S S 2014-03-10 113 ssga00 Homeland Security and Governmental Affairs Committee Senate Standing Referred to 2014-03-10T21:14:20Z Sound Regulation Act of 2014 113 3863 HR 2014-03-20 Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. Related bill CRS 2014-03-10 ssga00 Homeland Security and Governmental Affairs Committee Senate Read twice and referred to the Committee on Homeland Security and Governmental Affairs. IntroReferral 2014-03-10 Introduced in Senate IntroReferral 10000 9 Library of Congress C000542 Sen. Coats, Daniel [R-IN] DANIEL COATS R IN RAY N I000024 Sen. Inhofe, James M. [R-OK] Jim Inhofe R OK 2014-03-12 False Government Operations and Politics Administrative law and regulatory procedures Competitiveness, trade promotion, trade deficits Congressional oversight Economic performance and conditions Government studies and investigations Property rights Government Operations and Politics 00 2014-03-10 Introduced in Senate 2014-05-02T13:46:06Z Sound Regulation Act of 2014 - Establishes additional requirements for rulemaking under the Administrative Procedure Act (APA), including:

  • identification by a federal agency, in the context of a coherent conceptual framework and supported with objective data, of the nature and significance of the market failure, regulatory failure, or other problem that necessitates regulatory action and why other alternatives, such as market forces or state or local regulations, could not address the problem better than federal regulation; 
  • establishment by an agency of an achievable objective for its regulatory action;
  • development of at not less than three regulatory options, in addition to not regulating, that the agency estimates will provide the greatest benefits for the least cost in meeting the regulatory objective;
  • an estimate by each agency of the costs and benefits of each regulatory option developed, at least to the extent the agency is able to exclude options whose costs exceed their benefits, and rank such options by cost from lowest to highest;
  • publication for public comment of all analyses, documentation, and data relating to the requirements of this Act for a public comment period of not less than 30 days;
  • establishment, by rule, of the specific cost-benefit analysis methodology appropriate to the functions and responsibilities of the agency and establishment of an appropriate period for review of new rules to assess their cost-effectiveness;
  • justification of why the agency does not select the least-cost regulatory option as its proposed rule, and
  • agency review, every four years, of all rules of the agency that are in effect and a determination, based on objective data, of whether the rules are working as intended, furthering their objectives, imposing unanticipated costs, or generating a net benefit.

Requires the Comptroller General (GAO), for purposes of congressional review, to: (1)  examine each agency cost-benefit analysis for compliance with the requirements of this Act, including the agency methodology for such analysis; (2) examine risk analysis pertaining to the cost-benefit analysis; and (3) examine and report on agency quadrennial regulatory reviews for consistency with the requirements of this Act.

]]> Sound Regulation Act of 2014 Display Title Sound Regulation Act of 2014 Official Title as Introduced A bill to amend title 5, United States Code, to establish uniform requirements for thorough economic analysis of regulations by Federal agencies based on sound principles, and for other purposes. Introduced in Senate IS Short Titles as Introduced Sound Regulation Act of 2014 Introduced in Senate 2014-03-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s2099is/xml/BILLS-113s2099is.xml 2014-03-10 Read twice and referred to the Committee on Homeland Security and Governmental Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.