Benefit of environmental regulations exceed costs...
...according to a new study by the federal Office of Management and Budget (OMB). The Washington Post has a story by Eric Pianin, here: "Study Finds Net Gain From Pollution Rules. OMB Overturns Past Findings on Benefits".
- "A new White House study concludes that environmental regulations are well worth the costs they impose on industry and consumers, resulting in significant public health improvements and other benefits to society. The findings overturn a previous report that officials now say was defective.
"The report, issued this month by the Office of Management and Budget, concludes that the health and social benefits of enforcing tough new clean-air regulations during the past decade were five to seven times greater in economic terms than were the costs of complying with the rules. The value of reductions in hospitalization and emergency room visits, premature deaths and lost workdays resulting from improved air quality were estimated between $120 billion and $193 billion from October 1992 to September 2002..."
Appendix D to the report contains the OMB's new guidelines for the conduct of regulatory analysis under Executive Order 12866. These are the new and revised guidelines for conducting cost and benefit analyses of regulations.
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