Regulatory Accountability Act Introduced in Senate with Bipartisan Support

On April 26, the Regulatory Accountability Act (RAA) was introduced in the U.S. Senate with bipartisan support from Senators Rob Portman (OH) and Heidi Heitkamp (ND). The RAA has a goal of creating a more transparent, accountable regulatory process that would yield more effective regulatory outcomes for American businesses.

Specifically, the bill would do the following: require effective cost-benefit analysis; improve transparency and accountability in the federal regulatory process; provide certainty for businesses and consumers; create an automatic review process for major regulations; allow federal agency hearings on the most significant regulations.

Click here to view a summary of the bill.

Earlier this year, OABA signed a multi-association letter urging the Senate to introduce the RAA, which received enthusiastic support from 616 cosigners from all 50 states. 

To learn more about the need for the passage of the RAA click here to read a new U.S. Chamber of Commerce report: Taming the Administrative State: Identifying Regulations That Impact Jobs and the Economy.