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An Analysis of the Sixth Government Report on the Costs and Benefits of Federal Regulations

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  • Hahn, Robert W.
  • Litan, Robert E.

Abstract

Also of interest by Hahn and Litan, "A Review of the Office of Management and Budget's Draft Guidelines for Conducting Regulatory Analyses". This paper critically reviews the draft of the Office of Management and Budget's sixth report on the benefits and costs of federal regulation. According to Robert W. Hahn and Robert E. Litan, the draft report represents an improvement over previous reports in some ways. While there has been progress, they say, some useful innovations from last year are not included in this draft. Mr. Hahn and Mr. Litan claim that there is room for significant improvement in this draft report. They offer five recommendations, one for Congress and four for OMB, that would help hold lawmakers more accountable for the regulations they produce. These recommendations focus on getting the regulatory agencies to produce better analysis, making that analysis more transparent and readily available, and making the regulatory process itself more transparent The authors recommend that OMB include a scorecard that summarizes the extent to which regulatory analyses comply with OMB's guidelines for regulatory analysis; provide information on regulations addressing terrorist threats; summarize useful information on a number of OMB's regulatory oversight activities, including return letters, prompt letters, turnaround time, and regulations and programs recommended for improvement or reform; and ask independent agencies to provide annual assessments of the costs and benefits of their economically significant regulations. Mr. Hahn and Mr. Litan also suggest that Congress require agencies to comply with OMB's information quality guidelines and guidelines for regulatory analysis.

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Bibliographic Info

Paper provided by Regulation2point0 in its series Working paper with number 153.

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Date of creation: Apr 2003
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Handle: RePEc:reg:wpaper:153

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  1. Justin Wolfers & Eric Zitzewitz, 2004. "Prediction Markets," Discussion Papers 03-025, Stanford Institute for Economic Policy Research.
  2. Hahn, Robert W. & Litan, Robert E., 2003. "A Review of the Office of Management and Budget's Draft Guidelines for Conducting Regulatory Analyses," Working paper 376, Regulation2point0.
  3. Arrow, Kenneth J. & Cropper, Maureen L. & Eads, George C. & Hahn, Robert W. & Lave, Lester B. & Noll, Roger G. & Portney, Paul R. & Russell, Milton & Schmalensee, Richard L. & Smith, V. Kerry & Stavin, 1996. "Benefit-Cost Analysis in Environmental, Health, and Safety Regulation: A Statement of Principles," Working paper 615, Regulation2point0.
  4. Paul W. Rhode & Koleman S. Strumpf, 2004. "Historical Presidential Betting Markets," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 127-141, Spring.
  5. Cornell, N. & Noll, Roger G. & Weingast, B., . "Safety Regulation," Working Papers 122, California Institute of Technology, Division of the Humanities and Social Sciences.
  6. Crandall, Robert W. & Winston, Clifford, 2004. "Does Antitrust Policy Improve Consumer Welfare? Assessing the Evidence," Working paper 263, Regulation2point0.
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