Regulatory Accounting: Analysis of OMB's Reports on the Costs and Benefits of Federal Regulation
GGD-99-59
Published: Apr 20, 1999. Publicly Released: Apr 20, 1999.
Skip to Highlights
Highlights
Pursuant to a congressional request, GAO provided information on the Office of Management and Budget's (OMB) 1997 and 1998 reports to Congress regarding the costs and benefits of federal regulations, focusing on, for each of four statutory requirements: (1) how OMB addressed the requirements in its reports; and (2) the views of noted economists in the field of cost-benefit analysis regarding OMB's responses in these reports.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| It is politically difficult for OMB to provide Congress with an independent assessment of executive branch agencies' regulatory costs and benefits. If Congress wants an independent assessment, it should consider assigning that responsibility to an organization outside of the executive branch. That organization could include a congressional office of regulatory analysis, which would have to be established, or an organization outside of the federal government. | In May 2000, the Senate passed S. 1198, the "Truth in Regulating Act," which would require the Comptroller General to develop an "independent evaluation" of agencies' analyses of the costs, benefits, and alternative approaches of each economically significant rule at the request of the chairman or ranking minority member of a committee of jurisdiction in either House of Congress. In July 2000, the House passed similar legislation (H.R.4924). |
Full Report
Public Inquiries
Topics
Agency missionsexecutive relationsCost effectiveness analysisFederal regulationsInteragency relationsLegislative bodiesReporting requirementsVeterans benefitsRegulatory agenciesPrivate sector