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An Assessment of OMB's Draft Guidelines to Help Agencies Estimate the Benefits and Costs of Federal Regulation « Benefit-cost analysis « Topics « Downloads
|Date posted||April 1, 2010|
|Categories||Benefit-cost analysis, Working paper, Hahn, Robert W.|
The Office of Management and Budget has led efforts to develop guidelines for benefit-cost analysis of regulations based on widely accepted economic principles, most recently with the release of its draft 1999 guidelines. The draft is a good start, but needs substantial improvement. Moreover, good guidance is not enough; clear and concise presentation of results, rigorous oversight, and enforcement of quality standards are also necessary to raise the caliber of regulatory analyses and to encourage interested parties to compare analyses across agencies. To strengthen the impact of the guidelines, the OMB should be given greater authority to enforce quality standards and another agency outside the executive branch should be charged with assessing regulations and regulatory programs.