Virginia Foxx: “I yield myself such time as I may consume. Mr. Speaker, according to a report issued by the House Oversight and…”

“I yield myself such time as I may consume. Mr. Speaker, according to a report issued by the House Oversight and Government Reform Committee, the number of economically significant rules in the pipeline, which are those that could cost $100 million or more annually, has increased by more than 137 percent over the past decade. Section 12 of my bill responds to such concerns by requiring Federal agencies to conduct a retrospective analysis of an existing Federal regulation at the request of a committee chairman or ranking minority member. The retrospective analysis submitted to the requesting member and to Congress is to include: One, a copy of the Federal regulation; Two, the continued need for the Federal regulation; Three, the nature of comments or complaints received concerning the Federal regulation; Four, the extent to which the mandate may duplicate another Federal regulation; Five, the degree to which technology or economic conditions have changed in the area affecting the Federal regulation; Six, an analysis of the retrospective costs and benefits of the Federal regulation that considers studies done outside the government; and Seven, the history of legal challenges to the Federal regulation. Since the duty to promote public accountability and transparency in Federal regulatory policy is endless, this provision builds on the strengths of UMRA by helping ensure ongoing compliance with legislative intent.…”