Yesterday, OMB Watch submitted comments on OMB's Draft 2007 Report to Congress on the Costs and Benefits of Federal Regulations. Congress has mandated OMB prepare this report each year. OMB Watch's comments point out the process of aggregating costs and benefits is a waste of time producing largely meaningless results: "Aggregation is economically unsound, distorts the virtue of strong federal regulations, and does not provide practical utility for public policy." The comments also include recommendations for improving the transparency of the federal regulatory process. To read OMB Watch's comments, click here. Even when costs and benefits are not aggregated, cost-benefit analysis is a flawed process and often provides little utility to policy makers. Highlighting the problems with cost-benefit analysis is an article by Bloomberg news columnist Cindy Skrzycki published today. Check it out: Cost-Benefit Analysis Often Just Doesn't Add Up [Bloomberg]