RED TAPE Act

HR 572, the RED TAPE Act, requires federal agencies to base regulatory decisions solely on monetary costs and benefits, prohibiting consideration of non-financial factors like environmental or public health impacts in their analyses. It mandates that agencies publish detailed financial justifications for every proposed rule in the Federal Register, including methodology and specific economic impact estimates. Regulations found to rely on non-monetary factors could be challenged in court and invalidated. The bill applies to all new regulations issued after November 9, 2023, and requires agencies to follow updated Office of Management and Budget guidance within 90 days of enactment.