The proposed bill establishes the Regulatory Management Act, which aims to enhance the oversight and management of regulatory requirements within the state of Nebraska. It creates the Office of Regulatory Management, headed by a Director appointed by the Governor, to supervise and support state agencies in their regulatory functions. The office is tasked with maintaining a transparent catalog of current regulatory requirements, conducting internal reviews of these requirements, and publishing biennial reports on changes in regulatory impacts and compliance costs. The bill also defines key terms such as "agency," "anecdotal problem," "cost of compliance," and "systemic failure," which will guide the implementation of the act.

Additionally, the bill emphasizes the importance of evidence-based regulatory actions by requiring agencies to identify systemic failures that necessitate new regulations, rather than addressing isolated incidents. Agencies must provide detailed analyses of the costs and benefits associated with new regulatory requirements, including both monetized and nonmonetized estimates. The Office of Regulatory Management will ensure that best practices are followed in identifying regulatory needs and will communicate with agencies if these practices are not adhered to. Importantly, the office will not have the authority to approve or reject regulatory actions taken by other agencies, maintaining a clear separation of powers.