The White House Office of Information and Regulatory Affairs, which is responsible for reviewing all new federal regulations including environmental standards, is being run by Richard Revesz, an individual relatively unknown to the American public. However, Revesz is making fundamental changes to the mathematical processes involved in devising regulations that protect human health and the environment, which could have implications for the American economy and people’s lives for years to come. Revesz, who was appointed by the Biden administration, has proposed a new method of calculating the cost of potential regulations that could protect them from legal challenges. He has also emphasized the benefits of regulations to future generations in order to give more weight to the impact of greenhouse gases. Revesz’s approach favors the implementation of regulations designed to address climate change, which some argue would increase costs to businesses and interfere with Americans’ lives. Revesz, however, believes that he is simply modernizing current methods of calculating costs and benefits used by the Office of Information and Regulatory Affairs. His proposed changes are expected to be finalized in the fall and will be implemented early next year as part of the Biden administration’s climate regulations. Despite the positive reception from some economists, there are concerns that Revesz’s approach is politically motivated and could easily be undone by future Republican administrations.
