S. 2988: Regulatory Cost Assessment Act of 2014

113th Congress · introduced 2014-12-08 · Government Operations and Politics · Latest: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2014-12-08 · official record
Who proposed it: Sen. Lee, Mike [R-UT] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Homeland Security and Governmental Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Regulatory Cost Assessment Act of 2014

Plain summary

Regulatory Cost Assessment Act of 2014 - Amends the Congressional Budget Act of 1974 to establish and enforce a federal regulatory budget. Requires the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) to submit jointly to the President and Congress an analysis of the cost and economic effects of federal regulations, including recommendations for improvements to the regulatory budgeting process. Requires CBO to submit: (1) a baseline projecting the federal regulatory cost over at least five fiscal years, (2) analysis of the regulatory cost of legislation reported by congressional committees, and (3) look-back reviews comparing CBO estimates with actual costs. Requires a concurrent resolution on the budget to include levels for the federal regulatory cost for at least five fiscal years. Establishes a process for allocating the totals among congressional committees and subcommittees, programs, and major functional categories. Establishes a point of order against legislation that would cause the allocations to be exceeded and specifies requirements for waiving the point of order. Requires the President's budget to include an analysis of the cost of compliance with current and proposed federal regulations and proposals for complying with the levels and allocations established under this Act. Amends the Regulatory Flexibility Act to require agencies to provide additional analysis of the private sector costs for compliance with new regulations. Requires federal agencies and the Government Accountability Office to provide reports and cost estimates for specified regulations.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Regulatory Cost Assessment Act of 2014

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Lee, Mike [R-UT] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Sen. Lee, Mike [R-UT] reported raising $2.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

CBO cost estimate: The Congressional Budget Office's estimate of how a federal bill would change government spending and revenue. CBO is nonpartisan.
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Resolution: A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-113s2988.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/s>

Record fed-us-cong113-s2988 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113