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Federal rulemaking must be based on facts, logic, and evidence. Both a 1993 Executive Order (#12866) and the 2003 Office of Management and Budget Circular A-4 require that executive agencies spell out a proposed regulation’s anticipated economic costs and benefits, explain the logic behind their interventions, and compare it to a “no regulation” alternative. These directives were the culmination of efforts begun by President Nixon and continued by Ford, Carter, Reagan, and Clinton to ensure the government analyzes the potential effects of federal regulations on the economy and society. So far, no subsequent American presidents have rescinded this order, which means we are still living in the era of an evidence-based approach to public policy.
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