Voters should care about this bill because federal regulations impact almost every aspect of daily life and the economy, from product safety to environmental standards. Currently, agencies have some requirements for assessing the impact of rules, but this bill would significantly strengthen those requirements for the most impactful regulations.

If this bill becomes law, agencies would have to clearly show the financial and societal impacts, consider alternatives, and gather broader input before implementing major rules. This could lead to rules that are more efficient, less costly, and better tailored to real-world conditions, potentially reducing the financial burden on businesses and taxpayers and fostering job growth. If it doesn't pass, agencies would continue operating under the current, less strict requirements for assessing the impact of rules, which critics argue can lead to regulations that are overly burdensome or have unintended negative consequences for the economy without sufficient prior review.