HB 2543
Requiring economic impact statements for certain legislative rules
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires state agencies to include an ‘economic impact statement’ with proposed legislative rules. These statements must analyze the potential costs and benefits of the rule, considering factors like regulatory costs, business productivity, job creation, and economic growth. Agencies are authorized to request these statements, and the Legislative Rule-Making Review Committee will review them to ensure they meet specific requirements. The bill also clarifies definitions related to rules and emergency rulemaking.
Key provisions
- Requires agencies to include an ‘economic impact statement’ with proposed legislative rules.
- Defines ‘economic impact statement’ to include factors like regulatory costs, business productivity, and job creation.
- Authorizes the request of economic impact statements from agencies.
- Establishes a process for the Legislative Rule-Making Review Committee to review proposed rules and economic impact statements.
- Clarifies definitions of terms such as ‘interpretive rule,’ ‘legislative rule,’ and ‘emergency rule.’
- Specifies the information that must be included in an economic impact statement.
- Outlines the timeline for emergency rules, including expiration dates and potential for refiling.
- Mandates that the Legislative Rule-Making Review Committee may request an economic impact statement for rules proposed under this section.
Who is affected
- State Agencies
- Businesses
- State Residents
- Legislative Committee Members
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