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1
I
NDEPENDENT
 A
GENCY
R
EGULATORY
 A
NALYSIS
 A
CT
,
S.
__
Sen.RobPortmanSen.MarkWarnerSen.SusanCollins
KeyProvisions
1.
 
Cost-BenefitAnalysis.
Thisbillaffirmstheauthorityofthepresidenttoextendtoindependentagenciesthesamecost-benefitanalysisrequirementsandotherburden-reducingprinciplesthathavelonggovernedexecutiveagencies,includingtherequirementto:
•
 
evaluatecostsandbenefitsofnewrulesandadopttheleastburdensomeregulatoryapproach;
•
 
examinewhetherexistingregulationshavecontributedtotheproblemtheagencyseekstoaddress;
•
 
baserulesonthebestavailableeconomicandscientificdata;and
•
 
consideralternativestodirectregulation,includingincentivesandpublicdisclosure.
Forregulationsthatwillhaveaneconomicimpactof$100millionormore,thebillauthorizesthepresidenttorequireagenciestoproducearegulatoryimpactanalysisthattakesintoaccount,amongotherthings,thequantifiedcostsandbenefitsoftheproposedruleandlesscostlyalternatives.
2.
 
 Accountability.
Thebillsetsupaninnovativeapproachtoholdagenciesaccountable,bymeansoftransparencyandpublicscrutiny.Underthebill,independentagencieswouldsubmitsignificantproposedandfinalrules,alongwithsupportinganalysis,forreviewbyOIRA.AlthoughOIRAwouldhavenotthepowertorejectarule,itwouldevaluatethequalityoftheagencies’cost-benefitanalysisandplaceitsassessmentinthepublicrecord.IfOIRAfoundthatanagencyfailedtocomplywiththenewrequirements,theagencywouldbeobligatedtorespondtoOIRA’sassessmentandjustifyitspositionandunderlyinganalysis.Judicialreviewoftheagency’scompliancewouldnotbepermitted,buttheexchangebetweenOIRAandtheagencywouldbeincludedintherulemakingrecord.
Background
Forthirtyyears,presidentsofbothpartieshaverequiredmostfederalagenciestoanalyzethecostsandbenefitsofmajornewregulationsandabidebyotherprinciplesdesignedtofilteroutexcessiveredtape.
1
Butthisprocesscarvesoutmorethanadozenmajorregulatorsknownasindependentagencies,includingtheSecurities&ExchangeCommission,theCommodityFuturesTradingCommission,theNationalLaborRelations

1
Exec.OrderNo.12,866,3C.F.R.638(1993);Exec.OrderNo.12,291,3C.F.R.127(1981).
 
2
Board,andtheFederalCommunicationsCommission,amongothers.Theseregulatorsexercisevastpowerovermajorsectorsofoureconomy—fromtelecom,toagriculture,tofinancialservices—buttheyareexemptfromcommonsenserequirementsincludingcost-benefitanalysisofeconomicallysignificantrules(thosewithannualimpactsof$100millionormore).TheyarealsoexemptfromreviewbyOIRA,whichoftenprovidesavaluablecheckonthequalityandsoundnessofagencyrulemaking.TheIndependentRegulatoryAnalysisActwouldclosethatgapbyauthorizingthepresidenttobringindependentagenciesintotheanalysisandreviewprocessthatgovernsexecutiveagencies.Theneedforthisreformisevidentfromtherecenttrackrecordofindependentagencies.

Outofthe17majorrulesissuedbyindependentagenciesin2011,notonewasbasedonacompletecost-benefitanalysis.Thesamewastruein2010—17majorrules,zerowithacost-benefitanalysis.In2009,thefigurewas13and0,andin2008,itwas11and1.
2
BasedonGAOdata,itappearsthatnearly200regulationsissuedbyindependentagenciesbetween1996and2011hadaneconomicimpactofmorethan$100million,butwereexemptfromthecost-benefitscrutiny.
R
EGULATORY
 A
NALYSISBY
I
NDEPENDENT
 A
GENCIES
YearIndependent AgencyMajorRulesInd.AgencyMajorRulesw/Cost-Benefit Analysis2011
170
2010
170
2009
130
2008
111
Source:GAO;OMB(evaluationofmonetizedcostsandbenefits).
Notsurprisingly,thereisbroadsupportforthisbasicreformofrulemakingbyindependentagencies.ThePresident’sJobsCouncilrecommendedinitsJanuary2012report:Congressshouldrequire[independentagencies]toconductcost-benefitanalysisforeconomicallysignificantregulations.Arequirementthat[independentagencies]mustconductregulatoryimpactanalyses...wouldprompt[independentagencies]toperformbetteranalysesandtoissuebetterandsmarterregulations.
3
ClintonAdministrationOIRAAdministratorSallyKatzenhasmadethesamecase:OneareawhereCongresscanandshouldactwouldbetoextendtoindependentagenciestherequirementsforcost-benefitanalysisandcentralizedreviewthatarecurrentlycontainedinExecutiveOrder12866....[I]ndependentagenciesarenot

2
OIRAandGAOannualreports.
3
ThePresident’sCouncilonJobs&Competitiveness,RoadmaptoRenewal45(2012).
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