1. SUSAN E. DUDLEY DIRECTOR GW REGULATORY STUDIES CENTER RESEARCH PROFESSOR TRACHTENBERG SCHOOL OF PUBLIC POLICY AND PUBLIC ADMINISTRATION CONSTRUCTION INDUSTRY ROUNDTABLE SPRING CONFERENCE, MAY 2012 Prospects for Regulatory Reform

2. Budgetary Costs of Federal Regulation Adjusted for Inflation Source: Weidenbaum Center, Washington University and the Regulatory Studies Center, the George Washington University. Derived from the Budget of the United States Government and related documents, various fiscal years. 2

3. Views on regulation changing September 2011 3

4. Too much, too little, just right? The regulatory tsunami poses the single biggest challenge to jobs, our global competitiveness and the future of American enterprise. – U.S. Chamber President Donahue, 1/2011 I’ve approved fewer regulations in the first three years of my presidency than my Republican predecessor did in his. – President Obama SOTU 2012  All: 886 vs. 931 (Bush 5% > Obama)  Economically significant: 177 vs. 126 (Obama 40% > Bush)  Major: 179 vs. 112 (Obama 60% > Bush) 4

5. # Economically Significant Final Regulations Published in Presidential Year (Feb-Feb) 5

6. Presidential Oversight President retained & reinforced oversight & analysis  Retained OIRA – Cass Sunstein  2011 Executive Orders  Retrospective review & IRCs Aware of public concern  Media offensive denying increase in regulatory activity  Regulations delayed or revisited  Ozone NAAQS  Boiler MACT  Positive train control  Rear view cameras  Longer OIRA reviews 6

7. Economically Significant Rules Underway 7

8. Legislative Reforms: Procedural 8 Congressional accountability  REINS Act  Congressional regulatory oversight office Regulatory development  Moratoria  Regulatory Accountability Act  ANPRM  Public hearings  Judicial review Retrospective review  President Obama E.O. 13563  Regulatory PayGo

9. Legislative Reforms: Decision Criteria 9 Analytical considerations  Nature, significance and priority of problem  Alternative remedies  Costs, benefits (direct & indirect)  Adopt least-cost approach  Small entity impacts OIRA Role  President Obama reinforced  Codify in legislation  Independent Regulatory Commissions