Mike Thompson: “I am pleased that last night the House passed on suspension the ``Truth in Regulating Act,'' S. 1198, and that this…”

“I am pleased that last night the House passed on suspension the ``Truth in Regulating Act,'' S. 1198, and that this legislation will now be sent to the President. S. 1198 will support Congressional oversight to ensure that important regulatory decisions are cost-effective, well-reasoned, and fair. The foundation of the ``Truth in Regulating Act'' is the right of Congress and the people we serve to know about important regulatory decisions. Through the General Accounting Office, which serves as Congress' eyes and ears, this legislation will help us get access to the cost-benefit analysis, risk assessment, federalism assessment, and other key information underlying any important regulatory proposal. So, in a real sense, this legislation not only gives people the right to know; it gives them the right to see--to see how the government works, or doesn't. GAO will be responsible for providing an evaluation of the analysis underlying a proposed regulation, which will enable us to communicate better with the agency up-front. It will help us to ensure that the proposed regulation is sensible and consistent with Congress' intent before the horse gets out of the barn. It will help improve the quality of important regulations. This will contribute to the success of programs that the public values and improve public confidence in the Federal Government, which is a real concern today.”