WASHINGTON (12/5/11)--The Regulatory Accountability Act of 2011 (H.R. 3010) passed the House on a 263-to-159 vote count Friday and will now move on to the Senate for consideration.
The bill would:
- Revise the Administrative Procedure Act to require that agencies consider the costs and benefits of new rules and regulatory actions;
- Set new data-quality standards for agency fact finding in the rulemaking process; and
- Require federal regulators to conduct public hearings for most rules estimated to have an aggregate impact on industry of over $1 billion.
The bill was introduced by Rep. Lamar Smith (R-Texas).
Amendments that would have shielded regulations tied to workplace safety, food safety, consumer product safety, air quality, water quality, nuclear power, and the Department of Homeland Security were among those that were defeated before the final vote.
President Barack Obama has reportedly said he would veto the bill if it passes.
The Credit Union National Association (CUNA) has backed the legislation, saying that it "would give credit unions and others new tools and procedures that would help protect against arbitrary regulatory burdens" and "would significantly enhance the interaction between industry and federal administrative agencies."
Portions of the bill that add cost benefit analysis and information reporting requirements "would be far more effective than the closest existing parts of the Administrative Procedure Act, the Regulatory Flexibility Act and the Paperwork Reduction Act," CUNA added.
For the full CUNA letter on H.R. 3010, use the resource link.