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 oversee the regulatory functions of state agencies. The office is tasked with maintaining a transparent catalog of current regulatory requirements, conducting internal reviews of these requirements, and publishing biennial reports on their impact. The bill 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 using best practices in identifying systemic failures that necessitate new regulatory actions, as opposed to anecdotal problems that can be resolved through existing procedures. Agencies are required to 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 agencies adhere to these guidelines and will communicate any concerns regarding the use of best practices in regulatory decision-making. Importantly, the office will not have the authority to approve or reject regulatory actions taken by other agencies.