Unfunded Mandates Accountability and Transparency Act
This bill revises rulemaking requirements with respect to unfunded mandates.
Specifically, the bill requires federal agencies to prepare and publish in the Federal Register an initial and final regulatory impact analysis prior to promulgating any proposed or final major rule. The analysis must include regulatory alternatives to the rule.
Major rule means a rule that the Office of Information and Regulatory Affairs determines is likely to cause
Before promulgating any proposed or final major rule, an agency shall select the regulatory alternative that maximizes net benefits, taking into consideration only the costs and benefits that arise within the scope of the statutory provision that authorizes the rulemaking, with exceptions.
The bill prohibits Congress from considering a bill that increases private sector costs more than a certain amount unless certain conditions are met.