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Regulatory Sandbox

A program that allows businesses to temporarily test new products, services, or business models without being subject to all existing regulations, typically under close supervision to manage risks.

Office of Information and Regulatory Affairs (OIRA)

A part of the Office of Management and Budget (OMB) that reviews government regulations and paperwork proposals from federal agencies.

Covered provision

Any federal rule, including those required by law, or any guidance or document issued by a government agency, that a business might seek a waiver from under this program.

Economic damage

A risk that is likely to cause direct, physical harm to the property or money of consumers.

Health or safety risk

A risk that is likely to cause physical harm to a person, loss of life, or prevent a person from maintaining their health or life.

Unfair or deceptive trade practice

Business practices that mislead consumers or cause them unjustified injury, as defined by Federal Trade Commission policies.

Advisory board

A group of private sector experts, including small business owners, established by government agencies to provide advice and input on regulatory waiver applications.