Section 1 Short title
This Act may be cited as the “Revealing Economic Conclusions for Suggestions Act” or the “RECS Act”.
Revealing Economic Conclusions for Suggestions Act
A BILL
To amend the Federal Trade Commission Act to require that any legislative or regulatory recommendation of the Federal Trade Commission be accompanied by an economic analysis and include a description of the rationale for such legislation or regulation.
Sec. 2 Requirement of analysis and rationale for legislative and regulatory recommendations
Section 6(f) of the Federal Trade Commission Act (15 U.S.C. 46(f)) is amended by inserting after “That the Commission” the following: “shall not submit any recommendations for legislative or regulatory action without an economic analysis by the Bureau of Economics of the Commission sufficient to demonstrate that the Commission has identified a problem it determines should be addressed, including the rationale for the Commission’s determination that private markets or public institutions could not adequately address the issue, and that its recommended legislative or regulatory action is based on a reasoned determination that the benefits of the recommended action outweigh its costs: Provided further, That the Commission”.