RED TAPE Act

This bill would prohibit federal agencies from using nonmonetized or unquantified factors when performing regulatory impact or benefit-cost analyses for proposed and final rules. Agencies would be required to publish these analyses, and the Office of Management and Budget would be barred from endorsing or considering any factors that are not expressed in monetary or quantified terms. Additionally, the bill would allow for judicial review of new regulations, requiring courts to invalidate any rule found to have relied on nonmonetized or unquantified factors during its evaluation.

This bill directly affects federal agencies and the Office of Management and Budget by restricting the factors they may use when conducting or reviewing regulatory impact and benefit-cost analyses. It also impacts the federal judiciary, which is tasked with reviewing agency rules and invalidating those that rely on nonmonetized or unquantified factors. Additionally, any individuals or entities subject to federal rulemaking would be affected by the resulting changes in how agencies evaluate and justify new regulations.

• Restriction on nonmonetized factors in regulatory analysis. Prohibits federal agencies from considering any factors that are not quantified or assigned a monetary value when performing regulatory impact or benefit-cost analyses for proposed, final, or interim rules.
• Mandatory publication of regulatory analyses. Requires federal agencies to publish every regulatory impact and benefit-cost analysis conducted in relation to agency rulemaking.
• Limitations on Office of Management and Budget oversight. Prevents the Office of Management and Budget from endorsing an agency's use of unquantified factors or considering such factors when reviewing analyses produced by other agencies.
• Judicial review and invalidation of rules. Establishes a process for judicial review of agency rules; if a court determines an agency relied on nonmonetized factors during its analysis, the court must declare the rule invalid.

The provisions of this bill take effect 30 days after the date of enactment.

The bill modifies the regulatory review process by establishing new restrictions on how federal agencies and the Office of Management and Budget conduct and evaluate regulatory impact and benefit-cost analyses. It also creates a new standard for judicial review, requiring courts to invalidate rules that rely on nonmonetized or unquantified factors.

The bill aims to restrict federal agencies and the Office of Management and Budget to using only monetized and quantified factors when conducting regulatory impact or benefit-cost analyses for proposed and final rules. It further seeks to ensure transparency by requiring the publication of these analyses and establishes judicial review to invalidate rules that rely on nonmonetized or unquantified considerations.