S. 148 — RED TAPE Act

This section states congressional findings that agencies must prioritize tangible, immediately quantifiable monetary benefits in their decision-making processes, ensuring regulatory actions yield clear and measurable financial benefits to the public and private sectors while minimizing unnecessary regulatory costs or burdens.

This section amends section 601 of the Regulatory Flexibility Act (RFA; 5 U.S.C. ch. 6)—which requires federal agencies to analyze rules' impacts on small entities—to add definitions of (1) "benefit-cost analysis," as given in OMB Circular A-94 as revised on November 9, 2023, or successor; and (2) "regulatory impact analysis," as described in Executive Orders 12866, 13563, and 14094, and OMB Circulars A-4 and A-94 as revised on November 9, 2023, or successors. The section further adds new RFA section 613 to (1) prohibit agencies from considering any non-monetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis of a proposed rule, final rule, or interim final rule; (2) similarly prohibit OMB from authorizing or considering such factors; (3) require agencies to publish in the Federal Register, with each such rule, summaries and full text of the analyses (including methodologies and rationales), and relevant additional information such as agency decision-making processes; (4) direct the OMB Director to issue revised compliance guidance within 90 days of enactment; and (5) authorize any affected party to seek judicial invalidation of a noncompliant rule issued on or after November 9, 2023.