Regulatory Retrospective Said to Save $22 Billion over 5 Years
Since President Obama’s call to agencies in 2011 to review their regulations to identify those that have become outdated or no longer have justifiable costs, considerable progress has been made.
Agencies have completed more than 179 retrospective initiatives, which are expected to yield $22 billion in savings over the next five years, according to Howard Shelanski, the Administrator of the Office of Information and Regulatory Affairs (OIRA) at the White House Office of Management and Budget (OMB) in a blog post.
“The July 2015 agency reports identify not only rules to review and potentially revise, but also two dozen rules or regulatory provisions that agencies will remove wholesale from the books. The July reports also identify several initiatives—some new or ongoing, others recently completed—that continue the emphasis on several key areas of burden reduction we identified when agencies released their last biannual reports, in March 2015,” Shelanski wrote.
The blog post details areas of focus for the retrospective initiatives, including examples around the themes of reducing regulatory and compliance burdens for State and local government, reducing regulatory burden for industry with a focus on flexibility for small and new businesses, and improving government service.
“Agencies have made good progress in embedding retrospective review of regulation as an ongoing institutional priority, but more work remains to be done. Both through stakeholder engagement and through agencies’ own initiative, the Federal Government will continue to identify both specific rules and areas of regulation in which our regulatory system can be made more efficient and of increasing value to the American people,” Shelanski concluded.
Posted in General News