Co-Sponsorship Memo Details

I will be reintroducing Senate Bill 126 from last session, which will provide for a one-time automatic review of all economically significant regulations established after the effective date of the bill’s enactment.

An “economically significant regulation” is defined as one that has a fiscal impact on the Commonwealth, its political subdivisions, or the private sector that exceeds $1 million annually. After the regulation has been in effect for three years, the agency promulgating the regulation must review it and then report to the Independent Regulatory Review Commission (IRRC) the following findings:

• The status of implementation;
• The effectiveness and efficiency of the regulation, as well as any steps taken to increase efficiency in implementing it;
• The direct and indirect cost of the regulation, and whether the fiscal impact was over-estimated or under-estimated, as well as the nature of any public comments on the regulation;
• Whether the current laws of the Commonwealth require the regulation’s repeal or amendment; and
• If the promulgating agency is considering changing the regulation, and whether the regulation itself is still needed.

The IRRC will then collect public comments on the submitted report for no less than thirty days, and, within thirty days of the conclusion of the public comment period, will determine whether the regulation is still in the public interest and whether statutory changes should be considered.

Senate Bill 126 was previously cosponsored by Senators Argall, Martin, Stefano, Phillips-Hill, Hutchinson, J. Ward, Gordner, K. Ward, Pittman, Mastriano and Aument.  This legislation passed the Senate but was not considered by the House by the end of the legislative session.

Please join me in cosponsoring this legislation. This bill will be an important step in ensuring that inefficient and ineffective regulations are repealed in a timely manner, in order to avoid incurring unnecessary costs to the Commonwealth and its citizens. Please do not hesitate to contact my office with any questions.