Contact: Bonnie Merrill Limbach
(202)974-5210

FOR IMMEDIATE RELEASE

SPI-BACKED REGULATORY REFORM BILL GOES TO PRESIDENT FOR SIGNATURE

WASHINGTON (October 4, 2000) – A regulatory reform bill long championed by The Society of the Plastics Industry, Inc. (SPI) now has passed both the U.S. Senate and House of Representatives and will go to the President for signature. The final Congressional action came on a unanimous vote by the House on October 3.

S. 1198, the "Truth in Regulating Act of 2000," would establish within the General Accounting Office (GAO), a Congressional agency, a capability to examine certain proposed rules by regulatory agencies as to their costs, benefits and alternative compliance measures. The new GAO office has been referred to in debate as the Congressional Office of Regulatory Analysis (CORA).

The legislation's provisions will go into play when a regulatory agency publishes a proposed or final rule that has an annual effect on the economy of $100 million or more or "adversely affects in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety." In that event, the chairman or ranking member of a Congressional committee could request CORA to evaluate the rule. CORA's report back to the requesting chairman or ranking minority member would need to be completed within 180 days, which generally coincides with the comment period for proposed rules.

SPI Chief Lobbyist Lew Freeman said the legislation could have profound impact on the plastics industry.

"In the past," he said, "regulatory proposals that impacted the plastics industry often were based upon questionable judgments about costs and benefits, as well as what would be required for compliance. CORA would empower Congress to raise significant questions on such topics before the proposed rule was finalized." Just the existence of a Congressional authority designated to look into proposed major rules "would become a significant political force to influence the thinking of regulatory agencies in the development of rules," Freeman added.

According to Freeman, CORA is expected to be of particular benefit to small business. "A frequently cited reason for such a capability," he said, "has been to provide a way for Congress to better investigate impacts of proposed rules on small companies."

SPI was among the first groups to take an interest in this legislation and the only organization that consistently has been involved in support of it, according to Freeman.

Founded in 1937, The Society of the Plastics Industry, Inc is the trade association representing one of the largest manufacturing industries in the United States. SPI's 1,700 members represent the entire plastics industry supply chain, including processors, machinery and equipment manufacturers and raw material suppliers. The U.S. plastics industry employs 1.5 million workers and provides $304 billion in annual shipments.

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