SMART Act of 2024 Setting Manageable Analysis Requirements in Text Act of 2024
Impact
The enactment of SB4264 would shift the landscape of how federal agencies formulate and assess regulations. By requiring them to outline how they will evaluate the effectiveness of major rules, agencies will need to provide a thorough framework that includes the anticipated benefits and costs. Moreover, it establishes protocols for ongoing assessments that can inform potential adjustments to regulations over time, potentially leading to more effective and less burdensome regulatory environments.
Summary
SB4264, known as the SMART Act of 2024, proposes amendments to title 5 of the United States Code aimed at enhancing the effectiveness of major rules in achieving their regulatory objectives. The bill focuses on incorporating a systematic retrospective review process for major rules, which are defined by their significant economic, competitive, or environmental impacts. This provision mandates agencies to establish metrics for evaluating the success of their regulations in achieving stated goals, enhancing accountability and transparency in regulatory practices.
Contention
Noteworthy points of contention surrounding SB4264 include concerns regarding the potential for increased bureaucratic processes required for compliance with the new assessment frameworks. Some stakeholders argue that while the intent is to enhance regulatory effectiveness, the added requirements might slow down the rule-making process. Additionally, the balance between comprehensive evaluations and timely regulatory responses is another significant debate, particularly in areas requiring swift action in response to emergencies or changing conditions.
Establishing the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034.
Setting Manageable Analysis Requirements in Text Act of 2025 or the SMART Act of 2025This bill requires agencies, when publishing a proposed or final major rule, to include a framework for assessing whether the rule achieves its regulatory objective. An agency must assess a rule in the time frame included in the framework. The assessment must compare the rule's anticipated and actual benefits and costs.Additionally, the assessment must determine whether (1) the rule has been rendered unnecessary because of changes to the subject area affected by the rule or it overlaps with, duplicates, or conflicts with other rules, or state and local government regulations; (2) the rule should be expanded, streamlined, or otherwise modified to accomplish the rule's objective; and (3) other alternatives or modifications to the rule could better achieve the rule's objective. The bill defines a major rule as a rule likely to cause (1) an annual effect on the economy of $100 million or more; (2) a major increase in costs or prices; or (3) significant adverse effects on competition, employment, investment, productivity, innovation, health, safety, the environment, or the ability of U.S.-based enterprises to compete with foreign-based enterprises.