Industry groups support regulatory overhaul bill

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Agencies already conduct cost-benefit analyses before issuing new regulations, but the Regulatory Accountability Act, introduced last month by 16 bipartisan lawmakers in the House and Senate, would require agencies to conduct a more thorough assessment. It would also allow a judicial review of those analyses to ensure that economic impacts of new rules are soundly calculated. 

The business groups signing the letter, which also includes the Financial Services Roundtable, the National Association of Manufacturers and the National Mining Association, assert that the law would address "growing regulatory burdens" and regulatory uncertainty that can prevent companies from hiring new workers.

The groups join the Business Roundtable, a coalition of corporate CEOs, which endorsed the law last week.

The House passed a version of the bill last Congress, but it stalled in the Senate.