ANSI - American National Standards Institute
 Print this article  Previous Next 

OMB Seeks Public Input on the Costs and Benefits of Federal Regulations

New York, Mar 28, 2007

The Office of Management and Budget (OMB) is seeking public input on its 2007 draft report to Congress on the costs and benefits of federal regulations. The input received will be used to inform the OMB’s final report, to be submitted later this year following a period of public, external peer, and interagency review.

The report, as required by the Regulatory Right-to-Know-Act, examines the costs and benefits of major regulations issued in the last fiscal year and their impact on state and local governments, small business, wages, and economic growth. Also included is a ten-year retrospective summary of regulatory activity by independent agencies.

“Recent trends are continuing to show favorable progress as the benefits of major regulations are exceeding costs by a substantial margin,” said Steven Aitken, acting administrator of OMB’s Office of Information and Regulatory Affairs.

Key findings of the report indicate:

  • the average yearly benefit of major regulations issued during the last six years to be more than double the yearly average for the previous eight years;
  • the average yearly cost of major regulations issued during the same period of time to be roughly 47% less than the previous twenty years; and
  • that the benefits of major regulations issued from 1992 to 2006 exceed the costs by more than three-fold.

Additionally, the report summarizes compliance with the Unfunded Mandates Reform Act (UMRA), which requires federal agencies to conduct a cost-benefit analysis and generally select the least costly, most cost-effective or least burdensome alternative for rules that will result in expenditures over $100 million in one year.

Comments regarding the draft report may be sent electronically to, or faxed to 202.395.7245. All submissions must be received by June 11, 2007.

For additional information or details on submitting comments, please review the March 12 Federal Register notice.