A resolution honoring the life of the Honorable Alan K. Simpson, former Senator for the State of Wyoming.

Regulations Evaluated to Determine The Anticipated Price and Effect Act or the RED TAPE Act

This bill prohibits federal agencies from considering any nonmonetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis for any proposed rule, final rule, or interim final rule.

Each agency must publish each regulatory impact analysis and benefit-cost analysis conducted by the agency with respect to a proposed rule, final rule, or interim final rule.

Additionally, the Office of Management and Budget may not (1) authorize or endorse an agency's use of any nonmonetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis on any proposed rule, final rule, or interim final rule; or (2) consider any nonmonetized or unquantified factor presented in a regulatory impact analysis or benefit-cost analysis of another agency.

The bill provides for judicial review of a rule issued by an agency that considered a nonmonetized or unquantified factor when conducting a regulatory impact or benefit-cost analysis. If a court finds that an agency relied upon such a factor to evaluate a final rule or interim final rule, the court must declare the rule invalid.

The bill takes effect 30 days after enactment.