Section 1 Short title
This Act may be cited as the “Cost-Benefit and Regulatory Transparency Enhancement Act of 2013”.
Cost-Benefit and Regulatory Transparency Enhancement Act of 2013
A BILL
To require reports on the results of and methods used to calculate any cost-benefit or regulatory impact analysis, and for other purposes.
Sec. 2 Cost-benefit and regulatory impact report requirement
In general— As soon as practicable after the completion by an agency of any cost-benefit or regulatory impact analysis used to promulgate rules or guidelines or to determine administrative actions, the head of the agency, in consultation with the Director of the Office of Management and Budget—
shall submit to the relevant committees of the House of Representatives and the Senate a report on the result of and methods (including any key method) used to calculate the cost-benefit or regulatory impact analysis; and
shall publish such report in the Federal Register.
Interim period—
In general— Any cost-benefit or regulatory impact analysis that is the subject of a report submitted pursuant to subsection (a) may not be finalized during the 60-day period starting on the date of submission of the report.
Waiver authority— The head of the agency concerned may waive the 60-day period described in paragraph (1) in an emergency situation.
Valuation of Benefits— During the 60-day period described in subsection (b)(1), the potential benefits of each cost-benefit or regulatory impact analysis shall be appropriately informed through the following:
An opportunity for public comment on the results of the cost-benefit or regulatory impact analysis.
Agency consideration of public comments.
A summary of public comments and agency responses in the Federal Register.
Definitions— In this section:
Agency— The term agency has the meaning given that term in section 551 of title 5, United States Code, except that the term does not include an independent regulatory agency as defined by section 3502(5) of title 44, United States Code.
Key method— The term “key method” includes any method that determines the social cost of carbon.