As outlined in the notice of proposed rulemaking, the proposed regulation seeks to help ensure that the EPA implements its analysis under the Clean Air Act (CAA) in a way that is consistent and transparent for the business community.
The EPA outlines three key strategies to will accomplish this:
The rule mandates that EPA will prepare a cost benefit analysis for all future significant proposed and final regulations under the CAA.
Establishes that cost benefit analyses will be developed using the best available scientific information and in accordance with best practices from the economic, engineering, physical, and biological sciences.
Institute additional procedural requirements to increase transparency in the presentation of the cost benefit analysis results, while maintaining the standard practices of measuring net benefits consistent with E.O. 12866.
An improved cost-benefit analyses rulemaking will affect a broad swath of the economy. Essentially, any business or manufacturer regulated by the EPA will see the benefits of a system that clearly outlines how metrics are developed, communicated and applied when imposing regulations. We can improve the effectiveness of environmental policy decisions and provide the public with the right information needed to make decisions critical to their business bottom line.