S. 1817 would require agencies to conduct retrospective reviews of major rules they issue beginning 180 days after enactment of the bill. Under the bill, major rules would include all regulations that are likely to result in an annual effect on the economy of $100 million or more; a major increase in prices or costs for consumers, industry, government agencies or individual regions; or a significant impact on U.S. companies that compete with foreign companies.
CBO estimates that implementing S. 1817 would have no significant cost over the next five years. Most of the provisions of the bill would codify and expand on a number of Executive Orders, most recently Executive Order 13563 which set the framework for agencies to review existing regulations. According to information from the Office of Management and Budget, agencies are already responsible for reviewing regulations. CBO expects that under S. 1817 there could be some change in the methods used to review new regulations, but we estimate there would be no significant effect on spending.
The bill could affect direct spending by agencies not funded though annual appropriations; therefore pay-as-you- go procedures apply. CBO estimates, however, that any net increase in spending by those agencies would be negligible. Enacting S. 1817 would not affect revenues.
CBO estimates that enacting S. 1817 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2027.
S. 1817 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would not affect the budgets of state, local, or trial governments.
