Regulatory Accountability Act
Bill Number: HR-5
The bill still needs to pass the Senate and be signed by the president to become law.
A bill to reform the process by which Federal agencies analyze and formulate new regulations and guidance documents, to clarify the nature of judicial review of agency interpretations, to ensure complete analysis of potential impacts on small entities of rules, and for other purposes.
This bill would value a regulation's costs over protections
This bill is a combination of several related bills from previous Congresses, but essentially what it does (in several ways) is to make it significantly more difficult for federal agencies to enact regulations.
One of the key provisions requires agencies to analyze the cost of many other options, and choose the least expensive - such as for the coal-fired power plant that would need to modify its facility - even if it does not fully accomplish the needed objective.
More cost to taxpayers. Savings for industries. Fewer protections.
It already takes agencies years to enact major regulations - involving studies by scientists and other experts, economic analysis, and a review process that is open to the public.
The additional analysis would increase both the time and cost (of public money) of enacting regulations on industries, while most of the cost savings would benefit the affected industries.
In addition, new regulations would be less effective in reducing pollution, protecting credit card users, etc.
House Republicans have attempted this before
Most of the provisions of this bill have been previously proposed by recent Congresses. They passed the House, but failed in the Senate. Had they passed the Senate, it is likely that President Barack Obama would have vetoed them.