Regulatory Budget Program; DPB to establish, report.
Impact
The implementation of HB2347 is designed to streamline regulations, aiming for a more efficient approach to regulatory compliance within Virginia’s state agencies. By establishing a framework for continuous regulatory assessment, the bill embodies a significant shift in how the state interacts with regulatory requirements, prioritizing reduction and simplification. This could result in expedited processes for state agencies and potentially a less cumbersome environment for businesses subject to these regulations. Additionally, the introduction of mandatory reporting will enhance transparency regarding agencies’ performance in meeting their regulatory targets.
Summary
House Bill 2347 establishes a Regulatory Budget Program within the Department of Finance, seeking to manage and potentially reduce the number of regulations and regulatory requirements imposed on state agencies. Starting from July 1, 2023, the program is set to run until January 1, 2027. This initiative requires each state agency to develop a regulatory catalog that outlines the regulations they enforce and mandates setting specific reduction targets for the upcoming two years. Agencies failing to meet these targets must provide reports justifying the shortfall, emphasizing accountability within state governance.
Contention
Despite its intended benefits, HB2347 has sparked debate among stakeholders regarding its potential implications. Critics express concern that overly stringent regulatory reductions may compromise necessary protections, especially in sectors essential for public health and safety. Furthermore, there are apprehensions about the adequacy of the established reporting mechanisms and whether they sufficiently capture the effectiveness of the regulatory framework. The balance between reducing administrative burdens and maintaining sufficient levels of oversight will likely be a focal point of continued discussion as the bill progresses through the legislative process.
Article I Regulatory Budget Act This bill requires the establishment of a federal regulatory budget to limit the costs of federal regulations. It also establishes requirements for disclosing the projected costs of federal regulations and procedures for enforcing the regulatory budget.
Creating the regulatory relief division within the office of the attorney general and establishing the general regulatory sandbox program to waive or suspend rules and regulations for program participants.
To amend sections 121.95 and 121.951 of the Revised Code to revise the definition of "regulatory restriction" for purposes of administrative rulemaking and to specify that certain rule changes alone do not eliminate a restriction.