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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Sound Regulation Act of 2014

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend title 5, United States Code, to establish uniform requirements for thorough economic analysis of regulations by Federal agencies based on sound principles, and for other purposes.


Actions Overview (1)

Date
01/14/2014Introduced in House

All Actions (3)

Date
03/20/2014Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Action By: Committee on the Judiciary
01/14/2014Referred to the House Committee on the Judiciary.
Action By: House of Representatives
01/14/2014Introduced in House
Action By: House of Representatives

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Judiciary01/14/2014 Referred to
House Judiciary Subcommittee on Regulatory Reform, Commercial And Antitrust Law03/20/2014 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.


Latest Summary (1)

There is one summary for H.R.3863. View summaries

Shown Here:
Introduced in House (01/14/2014)

Sound Regulation Act of 2014 - Establishes additional requirements for rulemaking under the Administrative Procedure Act (APA), including:

  • identification by a federal agency, in the context of a coherent conceptual framework and supported with objective data, of the nature and significance of the market failure, regulatory failure, or other problem that necessitates regulatory action and why other alternatives, such as market forces or state or local regulations, could not address the problem better than federal regulation; 
  • establishment by an agency of an achievable objective for its regulatory action;
  • development of at least three regulatory options, in addition to not regulating, that the agency estimates will provide the greatest benefits for the least cost in meeting the regulatory objective;
  • an estimate by each agency of the costs and benefits of each regulatory option developed, at least to the extent the agency is able to exclude options whose costs exceed their benefits, and rank such options by cost from lowest to highest;
  • publication for public comment of all analyses, documentation, and data relating to the requirements of this Act for a public comment period of at least 30 days;
  • establishment, by rule, of the specific cost-benefit analysis methodology appropriate to the functions and responsibilities of the agency and establishment of an appropriate period for review of new rules to assess their cost-effectiveness; and
  • justification of why the agency does not select the least-cost regulatory option as its proposed rule.

Requires the Comptroller General (GAO), for purposes of congressional review, to examine and report on: (1) each agency cost-benefit analysis for compliance with the requirements of this Act, including the agency methodology for such analysis; (2) risk analysis pertaining to the cost-benefit analysis; and (3) agency quadrennial regulatory reviews for consistency with the requirements of this Act.