Just How Big an Envelope Will You be Needing for that Benefit-Cost Analysis?

Christopher Carrigan & Stuart Shapiro, What’s Wrong with the Back of the Envelope? A Call for Simple (and Timely) Benefit-Cost Analysis, 11 Regulation & Governance 203 (2017). Richard Murphy For over thirty years, every President has issued or maintained executive orders that require agencies to prepare highly formal benefit-cost analyses (BCAs) for significant rules and to submit these BCAs to the Office of Information and Regulatory Affairs (OIRA) for review. For just as long a time, administrative law scholars have been fighting about the merits of both formal BCAs and centralized review. Over time, the locus of this debate has shifted from whether to conduct BCA as part of rulemaking to how to conduct it. The Supreme Court contributed to this shift a couple of years ago in Michigan v. EPA, when all nine justices agreed that reasonable rulemaking requires an agency to give some form of consideration to costs and ensure that they do not wildly outweigh…

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