Regulatory Impact Statement

A Regulatory Impact Statement is a legal document that assesses the potential costs, benefits, and other impacts of a proposed regulation. The statement typically includes an analysis of the problem the regulation is intended to address, the various policy options considered, and the expected effects of the chosen approach. The purpose of the statement is to provide decision-makers and the public with a comprehensive and transparent assessment of the regulation and to ensure that its costs and benefits are fully considered. Regulatory Impact Statements are often required by law or executive order and may be subject to public comment and review. They may also be used to support legal challenges to the regulation or to inform future policy decisions. The quality and thoroughness of the analysis can have a significant impact on the perceived legitimacy and effectiveness of the regulation. Regulatory Impact Statements are an important tool for promoting evidence-based policymaking and for ensuring that regulations are well-designed and justified.