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 all regulatory requirements, conducting internal reviews of these requirements, and publishing biennial reports on their impact, including the estimated cost of compliance for citizens and businesses.

Additionally, the bill outlines specific definitions related to regulatory management, such as "systemic failure," "anecdotal problem," and "cost of compliance." It emphasizes the need for agencies to differentiate between systemic issues that require regulatory action and anecdotal problems that can be resolved through existing procedures. The office will also ensure that agencies provide thorough analyses of new regulatory requirements, including both monetized and nonmonetized costs and benefits, and will publish evaluations and assessments to promote transparency and best practices in regulatory actions.