1. P ROFESSOR S USAN E. D UDLEY E UROPEAN R ISK S UMMIT 11-12 J UNE 2013 U.S Regulatory Process & Policy

2. Three Branches of the U.S. Government 2 Make laws Execute laws Adjudicate laws Regulations SEPARATION OF POWERS CHECKS & BALANCES

3. U.S. Regulatory Process Authorizing legislation Unified Agenda Draft proposal Executive review Public comment Revisions Executive review Final rule published Congressional review? Judicial review? 3 Guided by the Administrative Procedure Act of 1946

4. US Regulatory Impact Analysis  Tailored to significance of action  More than benefit-cost analysis  Identify compelling public need  Weigh alternatives  Assess risks of alternative policies  Estimate incremental benefits & costs  Well established  Executive Orders  Executive oversight & interagency review 4

5. Key Areas for Improvement Distinguish between scientific and policy issues  “Politicized science,” or “scientized policy?”  Avoid normative-positive fallacy  Transparent treatment of uncertainty Legislator accountability  Consider impacts when legislation enacted?  Approval of implementing regulations? Examine regulatory outcomes  Were ex ante predictions accurate?  What has worked? What hasn’t? 5

6. For More Information on US Regulation  RegulatoryStudies.gwu.edu  Facebook @ GW Regulatory Studies Center  Follow us on Twitter @RegStudies  Subscribe to Regulation Digest  RegulatoryStudies@gwu.edu  SDudley@gwu.edu 6