Draft 2004 Report to Congress on the Costs and Benefits of Federal Regulations

AGENCY:

Office of Management and Budget, Executive Office of the President.

ACTION:

Notice of availability and request for comments.

SUMMARY:

OMB requests comments on 2004 Draft Report to Congress on the Costs and Benefits of Federal Regulation. The full Draft Report is available at http://www.whitehouse.gov/omb/inforeg/regpol-reports_congress.html,, and is divided into two chapters. Chapter I presents estimates of the costs and benefits of Federal regulation and paperwork, with an emphasis on the major regulations issued between October 1, 2002 and September 31, 2003. Chapter I also presents a discussion of the impact of regulation on State, local, and tribal governments, small businesses, wages, and economic growth. Chapter II reviews the economics literature on the impacts of regulation on manufacturing enterprises, and requests public nominations of regulatory reforms relevant to this sector. Chapter II also requests suggestions to simplify IRS paperwork requirements, which are particularly burdensome for small businesses.

DATES:

To ensure consideration of comments as OMB prepares this Draft Report for submission to Congress, comments must be in writing and received by May 20, 2004.

ADDRESSES:

We are still experiencing delays in the regular mail, including first class and express mail. To ensure that your comments are received, we recommend that comments on this draft report be electronically mailed to OIRA_BC_RPT@omb.eop.gov, or faxed to (202) 395-7245. You may also submit comments to Lorraine Hunt, Office of Information and Regulatory Affairs, Office of Management and Budget, NEOB, Room 10202, 725 17th Street, NW., Washington, DC 20503. For Further Information, contact: Lorraine Hunt, Office of Information and Regulatory Affairs, Office of Management and Budget, NEOB, Room 10202, 725 17th Street, NW., Washington, DC 20503. Telephone: (202) 395-3084.

SUPPLEMENTARY INFORMATION:

Congress directed the Office of Management and Budget (OMB) to prepare an annual Report to Congress on the Costs and Benefits of Federal Regulations. Specifically, Section 624 of the FY 2001 Treasury and General Government Appropriations Act, also known as the “'Regulatory Right-to-Know Act,”' (the Act) requires OMB to submit a report on the costs and benefits of Federal regulations together with recommendation for reform. The Act states that the report should contain estimates of the costs and benefits of regulations in the aggregate, by agency and agency program, and by major rule, as well as an analysis of impacts of Federal regulation on State, local, and tribal governments, small businesses, wages, and economic growth. The Act also states that the report should go through notice and comment and peer review.