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Working Paper: The Grand Experiment in Regulatory Reporting
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| This paper evaluates a grand regulatory experiment–the first of its kind in the world–aimed at providing an objective and comprehensive characterization of the costs and benefits of U.S. federal regulation as well as identifying opportunities for reform. The authors believe that this experiment, if successful, could have important implications for reviewing the impact of regulation across the world. Five government reports on the costs and benefits of regulation are now complete. The authors offer a critical evaluation of these reports, using an approach that scores the reports on various dimensions. By and large, the authors believe, the reports represent a significant step forward in providing insights into the regulatory process and in providing information on the costs and benefits of regulation. But they also illustrate the shortcomings of having a government agency do the analysis. The authors recommend that the Office of Management and Budget require agencies to issue a scorecard evaluating each agency regulation; that OMB summarize the strengths and weaknesses of regulations using this scorecard; that OMB include not only executive agencies, but also independent agencies in its analysis; and that Congress create an agency or office outside of the executive branch to perform a regulatory evaluation function similar to that of OMB. While the authors are highly critical of some aspects of these important reports, they are guardedly optimistic about their potential to improve regulation and the regulatory process. |
Keywords | |||
Subject: | 2. Cost-Benefit and Cost Effectiveness Analysis 2. Cost-Benefit and Cost Effectiveness Analysis - Major Programs and Media | Media: | Multimedia |
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Paper Information | |||
Author(s): | Institution Issuing Paper: | AEI-Brookings Joint Center for Regulatory Studies | |
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Status: | Final version working paper | Primary Content: | Empirical |
Paper Date: | 03/01/2003 | Pages: | 36 |
Reference URL: | Download PDF file  | ||