Unfunded Mandates Information and Transparency Act heads to the Senate
The U.S. House of Representatives today passed the Unfunded Mandates Information and Transparency Act [H.R. 50]. The legislation makes improvements to the Unfunded Mandates Reform Act of 1995 (UMRA), bringing greater transparency to the costs and obligations passed on to states, localities, and the private sector through unfunded mandates.
House Oversight Committee Chairman Jason Chaffetz Speaks in Support of H.R. 50
Specifically, H.R. 50 will:
close loopholes in UMRA and require more comprehensive cost estimates
extend UMRA requirements, including cost-benefit analyses, to independent regulatory agencies
require agencies to conduct UMRA analyses, regardless of whether they issued a notice of proposed rulemaking, closing a loophole that allowed agencies to forego analyses on nearly half of all final rules
enable the chairman or ranking member of any Congressional committee to request an agency conduct a retrospective analysis of an existing federal regulatory mandate
extend judicial review to the selection of the least costly/least burdensome regulatory alternative and to whether the agency adhered to the principles of EO12866
require agencies to consult with state, local, and tribal governments in the development of significant regulatory mandates
extend the consultation requirement to the private sector
allow the chairman or ranking member of any Congressional committee to request the Congressional Budget Office (CBO) to conduct an assessment comparing the authorized level of funding in a bill to the prospective costs of carrying out any changes to a condition of federal assistance
reflect current CBO practices by expanding the definition of direct costs to ensure costs include forgone profits, costs passed on to consumers, and behavioral changes