Regulatory Impact Analysis: The Cornerstone of Regulatory Reform
Congress has a diverse array of proposed regulatory reforms vying for attention, from targeted reforms aimed at providing relief to small businesses to broadbased reforms of the rulemaking process. Setting priorities will be a challenge, but the common objective is clear: solving more problems at a lower cost with fewer regulations. To ensure that this happens, decision makers must understand the likely consequences of regulations before they propose them. Therefore, any effective regulatory reform must require agencies to first conduct a complete analysis of regulatory proposals and their alternatives before they write proposed and final regulations. For this reason, comprehensive regulatory impact analysis (RIA) is the cornerstone of regulatory reform.