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Do federal regulations -- the rules enforcing the laws passed by Congress -- cost taxpayers more than they are worth? Answers to that question can be found in a first-ever draft report on the costs and benefits of federal regulations just released by the Office of Management and Budget (OMB). The report includes benefit-cost information by agency program as well as by agency. A copy of the report can be viewed at: http://www.whitehouse.gov/omb/fedreg/2003draft_cost-benefit_rpt.pdf. "More detailed information helps consumers make intelligent choices on the products they purchase. By that same token, knowing more about the benefits and costs of federal regulations helps policymakers promote smarter regulations," said Dr. John D. Graham, OIRA Administrator. Benefits far exceed costs Federal regulations enforcing the EPA's clean air and water laws accounted for the majority of the regulatory benefits to the public estimated over the last decade. Clean water regulations accounted for benefits of up to $8 billion at a cost of $2.4 to $2.9 billion. Clean air regulations provided up to $163 billion in benefits, while costing taxpayers only about $21 billion. Costs and benefits of some other major federal regulatory programs included:
The 37-page full draft report contains detailed cost and benefit figures on dozens of major federal regulatory programs, as well as the criteria used in making the estimates. OMB recommends agencies consider costs of regulations Agencies must prove need for new regulations OMB seeks public comment Comments can be emailed to OIRA _ECON _GUIDE@omb.eop.gov or faxed, with the title Comments on Draft Guidelines" identified in the transmittal page, to (202)395 7245. Comments can also be sent via regular mail to:
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