The Senate Committee on Governmental Affairs held its first hearing on the Regulatory Right-to-Know Act (S. 59) and the creation of a Congressional Office of Regulatory Analysis (CORA).
The Right-to-Know Act, introduced by Sen. Fred Thompson, R-Tenn., would require the Office of Management and Budget (OMB) to issue a report on the cost and benefits of federal regulatory programs. CORA would conduct an independent review of newly promulgated regulations.
"We believe that each proposal will contribute to improving the regulatory process and the efficiency of regulatory programs. Neither bill will harm efforts to protect public health, safety, the environment or the public interest. To the contrary, they should provide guidance to the agencies about how best to use their limited resources," said Arthur J. Dyer, president, Metal Products Co., during his testimony on behalf of the National Association of Manufacturers. "Federal regulations cost Americans approximately $700 billion per year about $7,000 for every household. This burden has rightly been dubbed a 'hidden tax.'"
