A discussion of the Office of Management and Budget’s updated benefit-cost guidelines

On Monday, May 22, the Brookings Institution Center on Regulation and Markets and the Niskanen Center jointly hosted a conversation with Richard Revesz, administrator of the U.S. Office of Information and Regulatory Affairs (OIRA), Zachary Liscow, chief economist of the U.S. Office of Management and Budget (OMB), Phil Wallach, senior fellow at the American Enterprise Institute, and Connor Raso, senior associate general counsel at the Public Company Accounting Oversight Board.

Sanjay Patnaik, director of the Center on Regulation and Markets, provided welcoming remarks and Ted Gayer, president of the Niskanen Center, moderated the discussion on proposed updates to OMB Circulars A-4 and A-94, which guide government benefit-cost analysis. These updates aim to reflect new developments in scientific and economic understanding, given that the current circulars are several decades old, but may be viewed by some as undermining benefit-cost analysis. In any case, much of the impact will depend on public comment and subsequent implementation by OMB and agencies. The program covered the key issues to be resolved through these processes.