Smarter Regs Act of 2015

Summary

Smarter Regulations Through Advance Planning and Review Act of 2015 or the Smarter Regs Act of 2015 Requires a federal agency, when publishing a proposed or final major rule in the Federal Register, to include a framework for reassessing the rule, which shall include: (1) a clear statement of its regulatory objectives, including the societal benefit and cost; (2) the methodology by which the agency plans to analyze it, including metrics for measuring its effectiveness and benefits and its impacts on regulated entities; (3) a plan for gathering data regarding such metrics on an ongoing basis or periodically during its implementation; and (4) a specific time frame, not exceeding 10 years, for conducting such reassessment. Defines "major rule" as any rule that the Office of Information and Regulatory Affairs (OIRA) finds has resulted in or is likely to result in: (1) an annual effect on the economy of $100 million or more; (2) a major increase in costs or prices for consumers, individual industries, government agencies, or geographic regions; or (3) significant adverse effects on competition, employment, investment, productivity, innovation, or the ability of U.S.-based enterprises to compete with foreign-based enterprises. Requires each agency, through such reassessment, to: (1) analyze how the actual benefits and costs of the rule may have varied from those anticipated at the time it was issued; and (2) determine whether the rule is accomplishing its regulatory objective, whether the rule has been rendered unnecessary, and whether alternatives to or modification of the rule could achieve better results while imposing a smaller burden on society or at a lower cost. Provides for subsequent assessments if an agency determines that the rule will remain in effect. Directs OIRA to: (1) issue guidance for agencies regarding the development of the framework for, and the conduct of, such reassessments; (2) oversee the compliance of agencies with this Act; and (3) ensure that the results of each reassessment are published promptly on a centralized federal website and noticed in the Federal Register.

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Documents

6 official files

• Reported to Senate (text)

  Reported to Senate · EN · 20 June 2016

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• Reported to Senate (PDF)

  Reported to Senate · EN · 20 June 2016

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• Reported to Senate with amendment(s)

  summary · EN · 20 June 2016

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• Introduced in Senate (text)

  Introduced in Senate · EN · 21 July 2015

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 July 2015

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• Introduced in Senate

  summary · EN · 21 July 2015

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