Cost-Benefit Analysis Updates Mean Better Regulatory Protections for Regular People
WASHINGTON, D.C. – The U.S. Office of Information and Regulatory Affairs today released final changes to its cost-benefit analysis procedures. Amit Narang, regulatory policy consultant working with Public Citizen and the Coalition for Sensible Safeguards, released the following statement:
“The Biden administration has set a new gold standard for regulatory analysis. The updates to the way agencies assess costs and benefits will lead to stronger safeguards that are more effective at protecting the public. It’s encouraging that the proposed changes received broad support from regulatory experts, economists, and the public.
“For decades, agencies have used deeply flawed methods for assessing the costs and benefits of new regulations, which downplay the benefits to consumers, workers, public health, public safety, and the environment while exaggerating the costs to corporations. With these reforms, agencies will now do a far better job accounting for the very real benefits regulations have for everyday Americans, even if they are difficult or impossible to quantify. In addition, agencies will pay more attention to underserved and fence-line communities that disproportionately benefit from new regulatory protections.”