Regulatory Reform Bill Requires Risk Assessment, Cost-Benefit Analysis

RiskWorld News Brief

June 27, 1997 -- A bipartisan regulatory reform bill unveiled today would require risk assessment and cost-benefit analysis of major new regulations, would create a process for the review of existing rules, and would establish executive oversight of the rulemaking process.

Introduced by U.S. Senator Fred Thompson, R-Tenn., and U.S. Senator Carl Levin, D-Mich., the Levin-Thompson Regulatory Improvement Act differs from past regulatory reform bills in that it does not create a super mandate nor provide for judicial review of cost-benefit analyses and risk assessments.

As an example of the need for this legislation, Sen. Thompson referred to recent publicity over the dangers of air bags, which current regulations require in automobiles. "We could have avoided needless deaths and injuries if the agency had carefully considered the risks that high-impact air bags pose to certain populations. I hope today's proposal will correct mistakes like this before they occur."

The bill would affect regulations that have an impact of at least $100 million on the U.S. economy.

Related Links

Summary of the Levin-Thompson Regulatory Improvement Act

Statement of U.S. Senator Fred Thompson, R-Tenn., on June 27, 1997

Joint Press Release from U.S. Senator Carl Levin, D-Mich., and U.S. Senator Fred Thompson, R-Tenn.

Story posted June 27, 1997.

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