Reforming regulation with an eye toward equity

Area of Science:

• Environmental policy
• Economic analysis
• Regulatory affairs

Background:

• Current regulatory frameworks often rely on outdated methodologies for impact assessment.
• There is a growing need for updated approaches to evaluate the multifaceted effects of regulations.

Purpose of the Study:

• To outline the proposed changes in regulatory impact assessment by the Biden administration.
• To analyze the potential implications of these changes on agency decision-making.

Main Methods:

• Review of proposed regulatory guidance documents.
• Comparative analysis of existing and proposed impact assessment methodologies.
• Examination of potential economic and environmental consequences.

Main Results:

• The proposed changes emphasize a broader consideration of regulatory effects, including distributional impacts and long-term consequences.
• Agencies will be encouraged to use more advanced analytical tools and data sources.
• The shift aims to improve the efficiency and effectiveness of regulatory oversight.

Conclusions:

• The Biden administration's initiative represents a significant shift in regulatory policy.
• These changes could lead to more comprehensive and equitable regulatory outcomes.
• Successful implementation will require robust guidance and inter-agency collaboration.