FOR IMMEDIATE RELEASE
July 3, 2008
Contact: OMB Communications, 202-395-7254
OMB RELEASES ANNUAL FEDERAL REGULATIONS BENEFITS-COST REPORT
Washington, DC — Today, OMB issued its tenth annual report to Congress on the benefits and costs of Federal regulations.
This report features the estimates of the total benefits and costs of regulations reviewed by OMB. Similar to previous reports, the report includes a ten-year look-back at major Federal regulations reviewed by OMB to examine their quantified and monetized benefits and costs. The average yearly cost of the major regulations issued between 2001 and 2006 is $2.9 billion which is about 47 percent less than the previous 20 year average of $5.5 billion.
The report also provides a summary of the analysis of major regulatory activity by the “independent” regulatory agencies over the past ten years.
In addition, OMB provides an update on agency implementation of the Information Quality Act (IQA), and summarizes agency annual reports for the Information Quality Bulletin for Peer Review. This is the first year for which reports on the implementation of the Bulletin were required.
Included in the report is also the Unfunded Mandates Reform Act (UMRA) update. This report outlines agency compliance with Title II of UMRA, which requires each agency to conduct a benefit-cost analysis and generally select the least costly, most cost-effective, or least burdensome alternatives for rules that will result in expenditures over $100 million in one year by state, local, and tribal governments or by the private sector.To view the report, visit: /omb/inforeg/regpol-reports_congress.html.