President Obama ordered federal agencies to follow guidelines when proposing regulations, in an executive order issued earlier this week. These guidelines include conducting cost/benefit analyses, tailoring the regulation to impose the least amount of burden, specifying performance objectives rather than certain behaviors, and assessing available alternatives such as incentives and choices.
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Obama also ordered the federal agencies to conduct a review of all existing significant regulations and, within 120 days, provide a plan on how this will be accomplished.
The executive order was signed on January 18, 2011.