Regulatory Accountability Act

The Regulatory Accountability Act establishes new requirements for federal agencies when creating rules that have significant economic impact. It defines "major rules" as those likely to affect the economy by $100 million or more, cause major cost increases for consumers or industries, or have significant adverse effects on competition, employment, or public health. The bill requires agencies to consider multiple alternatives for major rules, conduct detailed cost-benefit analyses, and publish frameworks for assessing rules' effectiveness. Agencies must also make more information about rulemaking processes accessible to the public, including studies and data used in decision-making. The bill primarily affects federal agencies that create regulations and increases transparency for the public and businesses impacted by major regulatory actions.