EPA Finalizes Rule On How It Will Conduct Cost-Benefit Analyses
The U.S. Environmental Protection Agency (EPA) last week finalized a new standard for developing and communicating potential costs and benefits of air regulations. As Reuters explained, historically, the EPA had been criticized for its opaque process for developing air regulations, and, as a result, the public was often left in the dark and couldn’t see the true costs and public health benefits.
The new “honest accounting rule” will apply to all future rules under the Clean Air Act and will require the agency to explain how it considers and communicates both the economic costs of regulations and potential direct and indirect benefits. Click here for more information about the plan.
EPA Administrator Anthony Wheeler said, “We are ensuring that future rulemakings under the Clean Air Act are transparent, fair and consistent with EPA governing statutes. The American public deserves to know the benefits and costs of federal regulations.”
According to Bloomberg, while the incoming Biden administration could eventually reverse the rule, it will likely impact how much the president-elect’s EPA can do while the rule goes through the lengthy proposal and public comment period.