Executive Order 12866
Executive Order 12866, issued by President Clinton on September 30, 1993, amended and consolidated long-standing executive orders put in place during the Reagan Administration.
Its objectives, the President stated, are "to enhance planning and coordination with respect to both new and existing regulations; to reaffirm the primacy of Federal agencies in the decision-making process; to restore the integrity and legitimacy of regulatory review and oversight; and to make the process more accessible and open to the public."
All executive branch agencies, except for the independent regulatory agencies, are subject to E.O. 12866. Before a regulation can go on the books, they must:
- Assess the general economic costs and benefits of all regulatory proposals;
- For every "major" rule, complete a Regulatory Impact Analysis (RIA) that describes the costs and benefits of the proposed rule and alternative approaches, and justifies the chosen approach;
- Submit all "major" proposed and final rules to OMB for review;
- Wait until OMB completes its review and grants approval before publishing proposed and final rules;
- Submit an annual plan to OMB in order to establish regulatory priorities and improve coordination of the Administration's regulatory program. This requirement also applies to the independent agencies; and
- Periodically review existing rules.