Abstract
Executive orders, statutes, and precedent increasingly require cost-benefit analysis of regulations. Presidential executive orders have long required executive agencies to submit regulatory impact analyses' to the Office of Management and Budget (OMB) before issuing regulations,2 and recent federal legislation exhibits a trend toward mandatory cost-benefit analysis. For example, the Toxic Substances Control Act,3 the Federal Insecticide, Fungicide and Rodenticide Act,4 and the recent Safe Drinking Water Act Amendments5 require the Environmental Protection Agency to balance costs and benefits in regulating chemicals and pesticides. In 1995, Congress passed the Unfunded Mandates Act,6 requiring cost-benefit analysis of all significant federal regulations that require expenditures by state, local, or tribal governments.7 Additionally, Congress has proposed several bills
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