P ROFESSOR S USAN E. D UDLEY E UROPEAN R ISK S UMMIT J UNE 2013 U.S Regulatory Process & Policy
Three Branches of the U.S. Government 2 Make laws Execute laws Adjudicate laws Regulations SEPARATION OF POWERS CHECKS & BALANCES
U.S. Regulatory Process Authorizing legislation Unified Agenda Draft proposal Executive review Public comment Revisions Executive review Final rule published Congressional review? Judicial review? 3 Guided by the Administrative Procedure Act of 1946
US Regulatory Impact Analysis Tailored to significance of action More than benefit-cost analysis Identify compelling public need Weigh alternatives Assess risks of alternative policies Estimate incremental benefits & costs Well established Executive Orders Executive oversight & interagency review 4
Key Areas for Improvement Distinguish between scientific and policy issues “Politicized science,” or “scientized policy?” Avoid normative-positive fallacy Transparent treatment of uncertainty Legislator accountability Consider impacts when legislation enacted? Approval of implementing regulations? Examine regulatory outcomes Were ex ante predictions accurate? What has worked? What hasn’t? 5
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