Modernizing Retrospective Regulatory Review

The "Modernizing Retrospective Regulatory Review Act" seeks to enhance how federal agencies conduct retrospective reviews of existing regulations. It directs the Office of Management and Budget (OMB) to first assess the Federal Government's progress in making regulations available in a machine-readable format , reporting this to Congress within 180 days. Following this, OMB must issue guidance within 18 months on how agencies can leverage advanced technology , including algorithmic tools and artificial intelligence, to more efficiently and accurately identify regulations that are obsolete, ineffective, or contradictory. This guidance aims to streamline the process of identifying regulations needing improvement or removal. Subsequently, each federal agency will be required to submit a detailed plan within two years, outlining its strategy for implementing this technology guidance in its own retrospective reviews. These plans must identify specific regulations or categories of regulations that are legally mandated for review or would otherwise benefit from being re-evaluated. Finally, agencies must begin implementing their strategies for reviewing existing regulations within 180 days of submitting their plans, ensuring a systematic approach to regulatory modernization.