To amend title 5, United States Code, to improve the effectiveness of major rules in accomplishing their regulatory objectives by promoting retrospective review, and for other purposes.
About This Bill
Committee
Latest Action · May 2, 2024
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
The SMART Act of 2024 requires federal agencies to build systematic review mechanisms into major regulations. Starting one year after enactment, agencies must develop frameworks to measure how well new major rules accomplish their intended goals, where major rules are those with economic impacts of $100 million or more annually or significant effects on costs, competition, employment, or innovation. Agencies must gather data and conduct formal assessments of these major rules within a timeframe of up to 10 years after implementation, then publish their findings on their websites within 180 days. The bill empowers the Office of Management and Budget to oversee this process, issue guidance to agencies, and grant exemptions for emergency rules or routine regulations. Judicial review of compliance with these requirements is limited to checking whether agencies published required frameworks and assessments, not to evaluating the substance of those reviews.
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