Improving the Guardrails
Keyword(s):
Ex Post
◽
Future administration can begin undoing the mistakes of the Trump administration by reinstating prior norms concerning cost-benefit analysis and meaningful regulatory review. Several reforms can go even further and improve the regulatory system. One reform involves rethinking the role of ex-post analysis of regulation, to focus resources on identifying and addressing cross-cutting areas of uncertainty in regulatory decision making. A second area where improvements can be made is improving the quantification of costs and benefits that are currently left unquantified. A third area for improvement involves developing general guidelines for examining and weighing the distributional effects of regulatory decisions.