<p class=ldtitle>A BILL to amend the Code of Virginia by adding a section numbered 2.2-1501.2, relating to Department of Planning and Budget; Regulatory Budget Program established; report.</p>
Impact
The passage of SB705 would have significant implications for state laws concerning regulation and compliance. It mandates that agencies actively engage in reviewing their regulations to identify areas where they can streamline requirements. The progress toward the 25 percent reduction will be regularly reported, with specific deadlines for accountability established. As agencies work towards this goal, it is expected that unnecessary or excessive regulations may be abolished, potentially leading to a more business-friendly environment in Virginia.
Summary
Senate Bill 705 aims to establish a Regulatory Budget Program within the Department of Planning and Budget in Virginia. This program requires all agencies to reduce their overall regulatory requirements by 25 percent by January 1, 2029, based on the total number of requirements in effect as of January 15, 2022. The objective of this initiative is to simplify the regulatory environment and reduce the burden of compliance for businesses and citizens alike. Each agency will be tasked with tracking and reporting their progress towards achieving this reduction target, which will be monitored and enforced by the Department.
Contention
Critics of the bill may raise concerns regarding what constitutes 'streamlining' versus 'elimination' of regulations. While proponents argue that reducing regulations will foster economic growth, opponents might argue that critical protections for the environment, public health, and consumer rights could be jeopardized. Furthermore, the requirement for annual reporting and accountability measures may create administrative burdens for some agencies, affecting their operations and resource allocation.
Additional_notes
SB705 includes provisions for tracking and reporting progress toward the regulatory reduction goal, with the intention of fostering transparency and accountability in government operations. The bill specifies conditions under which agencies can report their inability to meet reduction targets, ensuring that there is a formal process for addressing shortfalls. This could facilitate a conversation in future legislative sessions about the effectiveness of current regulations and the need for reform.
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.