1: Office of Innovation Review

Establish a small Office of Innovation Review (OIR) within the OMB whose mission would be to champion innovation.

Other Information:

Innovation impact analysis -- Innovation is the poor stepchild of cost/benefit analysis. For more than 30 years, the Office of Management and Budget's Office of Information and Regulatory Affairs has reviewed proposed federal agency actions on the basis of cost/benefit analysis. In other words, will the agency regulation or action lead to benefits that exceed their costs? This is certainly important, but there is almost no analysis of how federal actions will affect innovation. To remedy this, Congress should establish a small Office of Innovation Review (OIR) within the OMB whose mission would be to champion innovation within these processes. Such an entity would add an important new voice to the regulatory conversation. There would now be an entity speaking clearly and forthrightly on the centrality of innovation. More important, the OIR would not merely have a voice, it would be able to remand agency actions that harm innovation. It would also propose regulations that foster innovation. This is no small matter. Indeed, it would change the regulatory playing field overnight.

Stakeholder(s):

• Office of Information and Regulatory Affairs: Office of Management and Budget


• Congress

Objective(s):

1

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