|Posted:||January 8, 2018 12:54 PM|
|From:||Senator Michele Brooks|
|To:||All Senate members|
|Subject:||Automatic Three-Year Regulatory Review|
|In the near future, I will be introducing legislation that provides for a one-time automatic review of all economically significant regulations that are promulgated moving forward.
Specifically, my legislation would require the promulgating agency to complete a review three years after the effective date of an economically significant regulation. The corresponding report on the regulation’s status, impact on the regulated community, and direct and indirect costs would be sent to the Independent Regulatory Review Commission (IRRC).
Based on the agency’s report and comments collected during a public comment period, IRRC will issue its own report as to whether or not the regulation continues to meet the criteria for remaining in the public interest and if changes should be considered.
An economically significant regulation will be defined as having an economic impact or cost to the Commonwealth, to its political subdivisions, and to the private sector exceeding $1 million.
Please join me in cosponsoring this legislation.