MISSISSIPPI LEGISLATURE
2019 Regular Session
To: Accountability, Efficiency, Transparency
By: Senator(s) Hill
AN ACT TO CREATE THE "ESTABLISHING PRODUCTION OF ECONOMIC ANALYSIS IN THE STATE LEGISLATURE ACT"; TO REQUIRE AN ECONOMIST IN THE LEGISLATURE OR WITHIN A PRE-EXISTING AGENCY WITHIN THE LEGISLATURE TO PRODUCE A REGULATORY IMPACT ANALYSES OF PROPOSED RULES AND REGULATIONS, A REGULATORY IMPACT ANALYSES OF EXISTING RULES AND REGULATIONS, AND AN IMPACT ANALYSIS OF GRANTS RECEIVED FROM THE FEDERAL GOVERNMENT OR FROM OTHER SOURCES; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) This act shall be known and may be cited as the "Establishing Production of Economic Analysis in the State Legislature Act."
(2) An economist in the Legislature, or within a pre-existing agency within the Legislature, shall produce:
(a) Regulatory Impact Analyses (RIAs) of proposed rules and regulations before the adoption of such rules and regulation;
(b) RIAs of existing rules and regulations; and
(c) Impact analysis of grants received from the federal government or from other sources external to state government.
(3) The analysis conducted by the economist shall include:
(a) Statement of need;
(b) Legal basis for rule or grant;
(c) Sources consulted;
(d) Key assumptions and sources of uncertainty;
(e) Examination of alternatives (for new rules or grants); and
(f) Evaluation of costs and benefits (for each alternative for new rules or grants), including:
(i) Estimated primary or direct benefits;
(ii) Estimated cost savings or financial benefits to society;
(iii) Estimated compliance costs for regulated entities;
(iv) Estimated secondary or indirect costs;
(v) Estimated effect on state revenue;
(vi) Estimated effect on state expenditures, including estimated administrative expenses; and
(vii) Estimated opportunity cost. The analysis must identify the opportunity cost of compliance, as a result of the removal of private capital from the market.
(4) The economist shall evaluate or conduct the analysis as described in subsection (2) of this section upon referral by a chair or ranking member of a committee of either house. The economist shall undertake such a review in the order of referral unless, in a given session, the Lieutenant Governor and Speaker of the House direct otherwise.
(5) Upon completion, analysis of each rule or grant should be made publicly available. At the end of each calendar year, the economist shall provide the Lieutenant Governor and the Speaker of the House a report summarizing the matters evaluated that year.
SECTION 2. This act shall take effect and be in force from and after July 1, 2019.