The RED TAPE Act prohibits federal agencies and the Office of Management and Budget from considering non-monetized or unquantified factors when analyzing proposed regulations. This means agencies must base regulatory decisions solely on factors that can be converted into dollar values, restricting their ability to weigh intangible benefits like improved public health, environmental protection, or worker safety unless those benefits are assigned specific monetary estimates. The bill requires agencies to publish detailed summaries and full texts of their cost-benefit analyses in the Federal Register and gives the OMB 90 days to issue updated guidance to ensure compliance. The legislation applies to all rules issued after November 9, 2023, and allows affected parties to sue in federal court to challenge regulations that violate the requirements, with courts authorized to invalidate rules found to rely on non-monetized factors.