In this day and age, who gets to do their own work and not show it to anyone else before it sees the light of day? Surely there are few who let work product out without someone vetting it. That’s why businesses get third-party auditors. That’s why grade school students show their work, so their teachers can correct them. And that’s why, starting with President Reagan, every president has required executive agencies to submit major rules to the Office of Information and Regulatory Affairs (in the White House Office of Management and Budget) to ensure that the rules are supported by thorough, accurate regulatory impact analyses (of which cost-benefit analyses are a key element). So it shouldn’t be surprising that a bipartisan coalition has begun forming to require independent agencies to do the same thing, which is taking shape in the form of the Independent Agency Regulatory Analysis Act (S. 1173), co-sponsored by Sens. Rob Portman (R–Ohio), Susan Collins (R–Maine), and Mark Warner (D–Virginia). Unfortunately, it also isn’t surprising that some (including some of my colleagues here at the CPSC) see this review as an impediment to regulatory independence. Such was suggested in a recent New York Times editorial. Senator Portman and I responded to those misguided concerns here. In addition, I wrote an op-ed in The Hill newspaper arguing in favor of the bill, which you can read here.
The bill is now pending before the Senate Committee on Homeland Security and Governmental Affairs. Should this idea become law, it would provide a measure of accountability to regulators to better justify the actions they take.