[Federal Register Volume 64, Number 56 (Wednesday, March 24, 1999)]
[Notices]
[Pages 14232-14233]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-7179]


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ENVIRONMENTAL PROTECTION AGENCY

[FRL-6314-3]


Science Advisory Board; Notification of Public Advisory Committee 
Meeting

    Pursuant to the Federal Advisory Committee Act, Pub. L. 92-463, 
notice is hereby given that the Environmental Economics Advisory 
Committee (EEAC) of the Science Advisory Board (SAB), will meet on 
April 20, 1999, from 9:00 am to no later than 4:00 pm at The Latham 
Hotel, 3000 M Street, NW, Washington, DC; telephone (202) 726-5000. All 
times noted are Eastern Daylight Time. This meeting is open to the 
public, however, due to limited space, seating will be on a first-come 
basis. For further information concerning this meeting, please contact 
the individuals listed below. Documents that are the subject of SAB 
reviews are normally available from the originating EPA office and are 
not available from the SAB Office.
    The primary purpose of the meeting will be to complete the 
Committee's review of the economic analysis guidelines being developed 
by the Environmental Protection Agency.

Background Information on Economic Analysis Guidelines

    The Environmental Economics Advisory Committee (EEAC or the 
Committee) has been asked to review the revised Guidelines for 
Preparing Economic Analyses, a document produced under the direction of 
the EPA's Regulatory Policy Council. The guidelines are designed to 
reflect Agency policy on the conduct of the economic analyses called 
for under applicable legislative and administrative requirements, 
including, but not limited to Executive Order 12866. These guidelines 
are intended to provide EPA analysts with a concise but thorough 
treatment of mainstream thinking on important technical issues so that 
they can conduct credible and consistent economic analyses. They refer 
to methods and practices that are commonly accepted in the 
environmental economics profession; however, they are not intended to 
preclude new or innovative forms of analysis. The guidelines are shaped 
by administrative and statutory requirements that contain direct 
references to the development of economic information during the 
development of regulations (e.g., evaluations of economic 
achievability).
    This will be the final review meeting on the guidelines. The EEAC 
was first briefed on the draft guidelines at its August 19, 1998 
meeting (see 63 FR 41820, August 5, 1998). Additional discussions 
occurred on the guidelines at the Committee's November 18, 1998 meeting 
(see 63 FR 57295, October 27, 1998). At those meetings, the Agency 
presented information on, and then discussed with EEAC members, each 
section of the draft guidelines.

Charge to the Committee

    The Agency charge asks the EEAC the following questions:
    (1) Do the published economic theory and empirical literature 
support the statements in the guidance document on the treatment of 
discounting benefits and costs in the following circumstances: (a) 
Discounting private and public costs for use in an economic impact 
analysis?; (b) Discounting social benefits and costs in an 
intragenerational context?; (c) Discounting social benefits and costs 
in an intergenerational context?; and (d) Discounting social benefit 
and cost information that is reported in nonmonetary terms?
    (2) Do the published economic theory and empirical literature 
support the statements in the guidance document on quantifying and 
valuing the social benefits of reducing fatal human health risks?
    (3) Do the published economic theory and empirical literature 
support the statements in the guidance document on the treatment of 
certainty equivalents in the assessment of social benefits and costs of 
environmental policies?
    (4) Do the published economic theory and empirical literature 
support the statements in the guidance document on the merits and 
limitations of different valuation approaches to the measurement of 
social benefits from

[[Page 14233]]

reductions in human morbidity risks and improvements in ecological 
conditions attributable to environmental policies?
    (5) Do the published economic theory and empirical literature 
support the statements in the guidance document on the relationships 
and distinctions between the measurement of economic impacts and net 
social benefits?
    (6) Does the guidance document contain an objective and reasonable 
presentation on the published economic theory, empirical literature, 
and analytic tools associated with computable general equilibrium (CGE) 
models, and description of their relevance for economic analyses 
performed by the EPA?
    (7) Does the guidance document contain an objective and reasonable 
presentation on the measurement of economic impacts, including 
approaches suitable to estimate impacts of environmental regulations on 
the private sector, public sector and households? This includes, for 
example, the measurement of changes in market prices, profits, facility 
closure and bankruptcy rates, employment, market structure, innovation 
and economic growth, regional economies, and foreign trade.
    (8) Does the guidance document contain a reasonable presentation 
and set of recommendations on the selection of economic variables and 
data sources used to measure the equity dimensions identified as 
potentially relevant to environmental policy analysis?
    The Committee will provide a formal response to EPA as a result of 
the review of these guidelines.
    For Further Information--Single copies of the guidelines 
information provided to the Committee can be obtained by contacting Mr. 
Brett Snyder, Director, Economy and Environment Division (2172), Office 
of Policy, US Environmental Protection Agency, 401 M Street SW., 
Washington DC 20460, telephone (202) 260-5610, fax (202) 260-2685; or 
via e-mail at: <[email protected]. Anyone wishing to make 
an oral presentation at the meeting must contact Mr. Thomas Miller, 
Designated Federal Officer for the Environmental Economics Advisory 
Committee, in writing no later than 4:00 pm, April 12, 1999, at U.S. 
EPA Science Advisory Board (1400), 401 M Street SW., Washington, DC 
20460, fax (202) 260-7118, or via e-mail at: <[email protected]>. The 
request should identify the name of the individual who will make the 
presentation and an outline of the issues to be addressed. At least 35 
copies of any written comments to the Committee are to be given to Mr. 
Miller no later than the time of the presentation for distribution to 
the Committee and the interested public. To discuss technical aspects 
of the meeting, please contact Mr. Miller by telephone at (202) 260-
5886.

Providing Oral or Written Comments at SAB Meetings

    The Science Advisory Board expects that public statements presented 
at its meetings will not be repetitive of previously submitted oral or 
written statements. In general, each individual or group making an oral 
presentation will be limited to a total time of ten minutes. For 
conference call meetings, opportunities for oral comment will be 
limited to no more than five minutes per speaker and no more than 
fifteen minutes total. Written comments (at least 35 copies) received 
in the SAB Staff Office sufficiently prior to a meeting date, may be 
mailed to the relevant SAB committee or subcommittee prior to its 
meeting; comments received too close to the meeting date will normally 
be provided to the committee at its meeting. Written comments may be 
provided to the relevant committee or subcommittee up until the time of 
the meeting.

Meeting Access

    Individuals requiring special accommodation at this meeting, 
including wheelchair access, should contact Mr. Miller at least five 
business days prior to the meeting so that appropriate arrangements can 
be made.

    Dated: March 15, 1999.
Donald G. Barnes,
Staff Director, Science Advisory Board.
[FR Doc. 99-7179 Filed 3-23-99; 8:45 am]
BILLING CODE 6560-50-P