President Trump revoked Executive Order 14094, “Modernizing Regulatory Review.” This rule, issued by President Biden in 2023, began the process by which the Office of Management and Budget (OMB) and its sub-agency Office of Information and Regulatory Affairs (OIRA) made several positive changes to the process government agencies should follow when developing regulations. The Biden administration’s OIRA established new systems designed to facilitate more democratic, representative public participation in the development of new regulations. They also issued a substantial update to the document known as OMB Circular A-4, which provides guidance to all executive branch agencies about how to assess the desirability of proposed regulations, particularly with respect to how costs and benefits are measured. While very technical, this update was a much-need change, and meant that regulations could have become much more beneficial to low- and moderate-income households.
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