Regulatory Transparency Act of 2023

The Regulatory Transparency Act of 2023 requires federal agencies to conduct detailed regulatory impact analyses before issuing any "significant rule" - defined as a rule likely to affect the economy by $100 million annually or substantially impact public health, safety, jobs, or the environment. Agencies must evaluate costs and benefits, compare regulatory alternatives (including "not regulating"), assess cumulative burdens on businesses, and justify if choosing a more burdensome option. The bill also mandates agencies to explicitly consider sunset dates for significant rules by July 2023, assessing whether rules become outdated, overly burdensome for small businesses, or exceed benefits over time. This directly affects all federal agencies issuing major regulations, adding new procedural requirements to the rulemaking process.