Sec. 5. Maximize net benefits or provide explanation
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Title II of the Unfunded Mandates Reform Act of 1995 ( 2 U.S.C. 1531 et seq.) is amended by striking section 205 ( 2 U.S.C. 1535 ) and inserting the following: In this section, the term cost has the meaning given the term in section 202(a). Before promulgating any proposed or final major rule for which a regulatory impact analysis is required under section 202, an agency shall from the alternatives identified and considered under section 202(c)(1)(B), select the alternative that maximizes net benefits, taking into consideration only the costs and benefits that arise within the scope of the statutory provision that authorizes the rulemaking.
An agency may adopt an alternative other than as required under subsection
(b)only if— the Administrator of the Office of Information and Regulatory Affairs approves the adoption by the agency of the alternative; and the alternative is adopted to— account for costs or benefits that cannot be quantified, including costs or benefits related to constitutional or civil rights, provided that the agency identifies all such costs and benefits and explains why those costs and benefits justify the adoption of the alternative; or achieve additional benefits or cost reductions, provided that the agency— identifies— all such additional benefits and the associated costs of those benefits; and all such cost reductions and the associated benefits of those cost reductions; and explains why— the additional benefits justify the additional costs; or the additional cost reductions justify any benefits foregone. .
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