(Washington, DC) – Senate Governmental Affairs
Committee Chairman Fred Thompson (R-TN) announced that yesterday
evening the Senate unanimously approved important regulatory
reform legislation, the Truth in Regulating Act, which will help
Congress and the public get access to important information that
federal agencies use to make regulatory decisions.
"The public’s confidence in government
remains low," said Senator Thompson. "Some of that
lack of trust is because our regulatory process is missing
important opportunities to achieve greater benefits at less
cost."
The legislation, S. 1198, will establish a
3-year pilot project to support Congressional oversight to
ensure that important regulatory decisions are efficient,
effective, and fair. Under the legislation, a Committee Chairman
or Ranking Member of either House of Congress may request the
General Accounting Office (GAO) to review the cost-benefit
analysis or risk assessment that is the basis of a proposed
major regulation. The GAO shall submit a report on the
regulation no later than 180 calendar days after a committee
request is received. This will help Congress to engage in
oversight to ensure that the regulation ultimately is sensible
and consistent with Congressional intent.
"Through the GAO, which serves as Congress’
eyes and ears, this legislation will give Congress and the
public the ability to see how government works, or doesn’t,"
continued Senator Thompson. "This will make the regulatory
process more clear, more accountable, and more democratic."
The Governmental Affairs Committee has reviewed
and developed a voluminous record showing that our regulatory
process is not working as well as intended. The GAO has done
important studies for the Committee and others showing that
agency practices in cost-benefit analysis, risk assessment, and
in meeting transparency and disclosure requirements of laws and
executive orders need significant improvement.
On November 3, 1999, the Truth in Regulating Act
was unanimously approved by the full Governmental Affairs
Committee. A Thompson/Lieberman amendment was approved as a
substitute to S. 1198, a bill introduced by Senator Richard
Shelby (R-AL) in June 1999.
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