House Bill 2543 seeks to amend the Code of West Virginia by introducing a requirement for agencies to submit an "economic impact statement" alongside proposed legislative rules that may have significant economic consequences, specifically if the impact is projected to exceed $200,000 in a single year or $1,000,000 over five years. This statement must outline potential costs to the public, including regulatory expenses, effects on business productivity and competitiveness, job creation, private-sector investment, and overall economic growth. The bill also revises the submission process to the Legislative Rule-Making Review Committee, ensuring that economic implications are a key consideration during the review of proposed rules.

Furthermore, the bill clarifies definitions related to various types of rules and removes outdated language, while emphasizing the necessity for a thorough review of proposed rules and their economic impacts. It establishes that members of the Legislative Rule-Making Review Committee can request an economic impact statement for any proposed rule, regardless of the estimated economic impact, thereby enhancing transparency and accountability in the rule-making process. Additionally, the bill outlines conditions under which emergency rules may expire and clarifies that amendments to emergency rules do not create new emergency rules for deadline extensions.

Statutes affected:
Introduced Version: 29A-1-2, 29A-3-11, 29A-3-15