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 recommendation of the Federal Trade Commission be accompanied by an economic analysis and include a description of the rationale for the recommended legislation.
Sec. 2 Requirement of analysis and rationale for legislative 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 legislation (including any legislation to provide the Commission with additional regulatory or enforcement powers) 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 legislation is based on a reasoned determination that the benefits of the recommended legislation outweigh its costs: Provided further, That the Commission”.