What Do We Know About  Regulatory Oversight

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What Do We Know About Regulatory Oversight

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1. What Do We Know About Regulatory Oversight? Robert Hahn and Paul Tetlock AEI-Brookings Joint Center Prepared for DTI/BRE Conference on the Evaluation of Regulation November 24, 2006

2. Problem Statement

3. Regulatory Oversight: Background Definition: A formal process for improving regulation, typically using economic analysis Used worldwide

4. Objectives Provide motivation for oversight Offer six observations Review experience Suggest alternatives for improving oversight in the U.S. and EU Get feedback for paper

5. Bottom Line Evidence in support of effective oversight is modest Oversight worth doing May be better ways to measure impacts Politicians can make improvements now Progress takes time

6. Motivation for Oversight Regulation could be much more efficient Proof CBA of regulations, industry-wide studies, economy-wide estimates Remark: Regulation can be good

7. Example of Efficiency Potential

8. The Impact of the Regulatory Oversight Process Observation 1: Economic analysis could improve regulations in selected instances

9. The Impact of the Regulatory Oversight Process Observation 2: Not clear that regulatory oversight processes have a significant impact

10. Characterization of Regulatory Impact Analyses

11. Characterization of Regulatory Impact Analyses

12. Observation 5: Ex ante and ex post estimates don’t tell us much about systematic biases Characterization of RIAs (cont’d)

13. Observation 6: Costs are low in comparison to potential benefits Characterization of RIAs (cont’d)

14. Specific Recommendations Implementing the US benefit-cost report in other countries / EU “Scorecard” to summarize regulatory analysis Promote transparency (e.g., reasons for decision, turnaround time, meetings) More than one overseer (US) Information markets for measuring oversight and regulatory impact

15. Thoughts on Regulatory Budget Idea: Impose budget constraint Problem: Measurement Experiment

16. Conclusion News neither all bad nor all good Impact of regulatory oversight likely to be modest in short term Still worth doing because of potential Patience is a virtue

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