Regulatory Right-to-Know Act
In 2000, Congress passed the Regulatory Right-to-Know Act as a part of the Treasury Department's Fiscal Year 2001 appropriations bill. The Act requires the White House Office of Management and Budget to submit to Congress an annual report on the costs and benefits of federal regulations for the previous year.
OMB is to provide estimates of costs and benefits by major rule and by agency and agency program. OMB is also to tally the costs and benefits of all regulations promulgated in a given year in order to provide aggregated figures to Congress.
OMB is also to provide in the report "an analysis of impacts of Federal regulation on State, local, and tribal government, small business, wages, and economic growth." The Act also requires OMB to solicit recommendations for reform.
Each year, OMB releases a draft version of the report for a public comment period. Usually, OMB releases the draft report in the spring and, after reviewing public comments, finalizes the report and transmits it to Congress by the end of the year.