H.R. 580 requires federal agencies to choose regulatory alternatives that provide the greatest net benefits when issuing major rules, with oversight from the Office of Information and Regulatory Affairs. Agencies can only select less beneficial alternatives if they receive approval and can justify their choice based on factors like constitutional rights or additional unquantifiable benefits. The legislation extends unfunded mandate analysis requirements to independent regulatory agencies and establishes enhanced regulatory impact analysis and early notification requirements for new rules. These provisions will take effect 120 days after the bill becomes law, giving agencies time to prepare for compliance with the new regulatory oversight requirements.
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