Senate Bill 617 (Chapter 496, Statutes of 2011) established additional regulatory impact assessment standards for major regulations. State agencies must conduct a Standardized Regulatory Impact Assessment (SRIA) when it estimates that a proposed regulation has an economic impact exceeding $50 million. The Department of Finance has adopted regulations for state agencies to follow when conducting a SRIA for major regulations. Finance is required to review the completed SRIA submitted by agencies and provide comment(s) to the agency on the extent to which the assessment adheres to the regulations adopted by Finance. Any questions regarding these regulations or completing a SRIA should be directed to the Economic Research Unit.
On October 29, 2013, Finance’s regulations on major regulations and Standardized Regulatory Impact Assessments were approved by the Office of Administrative Law and filed with the Secretary of State. These became effective on November 1, 2013. Some minor modifications were approved by the Office of Administrative Law and filed with the Secretary of State on November 21, 2013. The effective date of these regulations is December 1, 2013. Rulemaking documents are available on the SB 617 Rulemaking Documents webpage—see the link below.
- Major Regulations SRIAs and Calendar
- California Code of Regulations, Title 1, Sections 2000-2004
- SB 617 Rulemaking Documents
On December 26, 2013, Finance released two budget letters relating to the preparation of SRIAs for proposed major regulations, and the preparation of STD. 399 for proposed regulations.
BL13-29 Standardized Regulatory Impact Assessments
- Attachment I - California Major Regulations Calendar
- Attachment II - Standardized Regulatory Impact Assessment Summary
BL13-30 Economic and Fiscal Impact Assessments and Regulatory Review
Standardized Regulatory Impact Assessment Information
Finance has contracted with REMI for software to assist in modeling economic impacts. State agencies interested in purchasing an affiliate license for the REMI PI+ software for conducting economic analysis should contact the Economic Research Unit.
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You may also contact the Economic Research Unit at (916) 322‑2263 or MajorRegulations@dof.ca.gov.