OMB reports 10 years of regulatory costs and benefits to Congress (2019)
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The Office of Management and Budget (OMB) released the 2017 Report to Congress on the Benefits and Costs of Federal Regulations and Agency Compliance with the Unfunded Mandates Reform Act.
The first part of the report broke down the estimated benefits and costs of the regulations the agency reviewed over the past decade and estimated the benefits and costs of the major rules issued during the 2016 fiscal year. In the second part, OMB described 29 regulations issued between October 2015 and September 2016 that required state, local, or tribal governments together or the private sector to spend over $100 million in at least one year.
OMB stated that the report does not aim to calculate all of the costs and benefits associated with federal regulation but only to summarize the estimates provided by the agencies as they reported their various final rules. A final rule is a federal administrative regulation that advanced through the proposed rule and public comment stages of the rulemaking process and is published in the Federal Register with a scheduled effective date.
The second part of the OMB report was based on the requirements of the Unfunded Mandates Reform Act of 1995. That law aimed to minimize the number of requirements that agencies could impose on businesses and state, local, and tribal governments without providing extra federal funding to carry them out.
The report stated that the estimates it contains are limited because agencies only have access to limited empirical data when trying to guess the likely effects of regulations. Some effects, like increased safety, are difficult to translate into monetary terms or measure with precision. OMB wrote that its estimates aim to provide insights into whether individual regulatory or deregulatory actions will improve social welfare.
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