An Act Concerning The Fiscal Impact Of Proposed Agency Regulations.
The proposed amendments to section 4-168 of the general statutes would mandate a more comprehensive fiscal analysis, potentially leading to better-informed decisions regarding regulation implementation. The second component of the bill stipulates that any regulation bearing a fiscal note indicating possible costs to municipalities or businesses must be subjected to a public hearing prior to the regulation review committee's consideration. This requirement aims to ensure that stakeholders are given a voice in the regulatory process, thereby possibly reducing the negative economic repercussions of hastily implemented regulations.
SB00845, proposed by Senator Hwang, aims to amend the existing statutes concerning the fiscal analysis of proposed agency regulations. The bill seeks to enhance the process by requiring agencies to account for potential costs to all businesses in the state when preparing fiscal notes for new regulations. This adjustment signifies a shift towards greater transparency and accountability in how regulatory changes could financially impact the business community.
While the bill's intent is to clarify and expand upon existing fiscal review procedures, there are concerns among certain legislators and stakeholders about the implications of these changes. Proponents argue that this increased scrutiny will provide necessary safeguards against overregulation and unintentional economic burdens on businesses. Conversely, opponents worry that the additional requirements could slow down the regulatory process, hampering timely responses to pressing issues. This tension illustrates the ongoing debate about balancing regulation with economic growth and business viability.