WASHINGTON (12/2/11)--The Regulatory Accountability Act of 2011 (H.R. 3010), which would revise the Administrative Procedure Act to require agencies to consider the costs and benefits of new rules and other regulatory actions, and would require federal regulators to conduct public hearings for most rules estimated to have an aggregate impact on industry of over $1 billion, is expected to come up for a full U.S. House vote today.
The bill, which was introduced by Rep. Lamar Smith (R-Tex.) and has 36 co-sponsors, would also set new data quality standards for agency fact finding in the rulemaking process.
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.
The bill would need to be approved by the Senate if it passes the House. President Barack Obama has said he would veto the bill, The Hill reported.
For the full CUNA letter on H.R. 3010, use the resource link.