Summary

Requires the consumer protection agency to make its proposed rules much more transparent and analytical. For every new proposed rule, it must publish the full notice and a thorough explanation of why the rule is needed, who else could or could not solve the problem, and whether the rule overlaps with existing rules. It also must provide full cost‑benefit assessments, consider alternatives, consult small businesses, document data and assumptions, explain how burdens fall on different groups, and, when feasible, include probability ranges for likely outcomes. This aims to give the public, small businesses, and regulated companies clearer information and a stronger basis to comment on proposals.

Key Points

• Mandates full publication of each proposed rule with detailed justifications and analyses.
• Requires explanation of why non-regulatory or other-actor solutions are insufficient.
• Demands evaluation of overlap with existing rules to avoid duplication.
• Requires comprehensive cost-benefit analysis and consideration of alternatives.
• Calls for consultation with small businesses and incorporation of their feedback.
• Requires documentation of data, assumptions, models, and studies used.
• Directs the agency to describe how regulatory burdens are distributed across groups.
• Encourages use of probability distributions for outcomes when feasible, not just point estimates.

Categories & Tags