Agency rules; require rules with a significant economic impact to expire after five years.
The introduction of SB2287 may lead to a more dynamic regulatory environment in Mississippi, as agencies will be compelled to regularly review and potentially withdraw rules that are found to be burdensome or costly. This periodic review could reduce regulatory red tape and promote efficiency within agencies, but it raises concerns regarding the consistency and enforcement of rules that were previously established for public good or safety.
Senate Bill 2287 aims to amend Section 25-43-3.114 of the Mississippi Code of 1972 by instituting stricter controls on rules that have a significant economic impact. Specifically, the bill defines 'significant economic impact' as any rule incurring aggregate costs exceeding one million dollars annually. It mandates that rules classified under this definition shall expire five years after their adoption, requiring each agency to conduct regular reviews of its rules to determine whether they should be repealed, amended, or affirmed.
A notable point of contention surrounding SB2287 revolves around the implications for existing regulations that were created to protect public interests. Critics may argue that the expiration of these regulations could lead to increased uncertainty for businesses and the public alike, as rules that address critical issues may be subject to arbitrary elimination. The reliance on cost-benefit analyses to justify the necessity or removal of rules may also encounter scrutiny, especially in cases where the qualitative benefits of certain regulations cannot be quantified strictly in economic terms.