Virginia Senate Bill SB372

Virginia 2022 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

Regulatory Budget Program; DPB to establish, report.

Impact

The impact of SB372 on state laws is significant, as it introduces a structured approach to evaluate existing regulations and enforce compliance. Each agency will be required to maintain a 'baseline regulatory catalog' that details their current regulations, which will help identify areas for potential reduction or streamlining. This bill aims to minimize redundant regulations, thereby fostering a more conducive environment for businesses while balancing regulatory oversight.

Summary

SB372 establishes a 'Regulatory Budget Program' aimed at managing and reducing regulatory requirements for executive branch agencies within the state. Under the leadership of the Secretary of Finance, the Department is tasked with creating benchmarks for regulatory requirements, which must be reviewed and updated on a biennial basis. The proposed law aims to provide clearer oversight and accountability regarding how regulations impact businesses and citizens, ensuring that any increases in regulatory requirements are justified and that reductions are actively pursued.

Contention

Noteworthy points of contention surrounding SB372 involve concerns about the potential challenges agencies might face in meeting the targets set forth by the Secretary of Finance. Critics may argue that the bill could place undue burdens on agencies, particularly if they are unable to justify the elimination or modification of certain regulations. Furthermore, questions about the adequacy of the oversight mechanisms to evaluate whether the targets are reasonable and achievable will also be raised, as stakeholders seek to ensure that essential regulatory protections are not lost in the effort to streamline processes.