By Nick Goldstein, vice president of regulatory affairs & assistant general counsel, ARTBA

ARTBA and nearly 400 industry allies are supporting legislation that gives more consideration to the economic impact of federal agency rulemaking.

A Senate bill would require agencies to choose the “least-cost” method of regulation unless it can be shown public health and safety concerns require a more expensive approach. It also increases opportunities for public participation before the most costly regulations are adopted and restricts the use of “interim” final regulations while proposed rules are undergoing legal challenges.

ARTBA, in a Sept.14 letter signed by 387 trade associations, applauded senators Rob Portman (R-Ohio), Susan Collins (R-Maine), Angus King (I-Maine), Ron Johnson (R-Wis.), Kelly Ayotte (R-N.H.), John Cornyn (R-Texas), and David Perdue (R-Ga.)  for introducing S. 2006, the “Regulatory Accountability Act of 2015.” The legislation has been referred to the Senate Committee on Homeland Security and Government Affairs.

A similar bill passed the House of Representatives in January by a bipartisan vote of 250 – 175.  The Obama administration has indicated it will veto the legislation.