Regulatory Agency

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  • An independent agency that is authorized by a government to create and enforce rules and regulations in the public interest. In the United States, regulations created by regulatory agencies are subject to review by both the President and Congress. According to the U.S. Office of Management and Budget's Draft Report to Congress on the Costs and Benefits of Federal Regulations (2000), there are three types of regulatory agencies in the United States: social, economic, and process. Social regulatory agencies serve to protect the public from products that harm their health, safety, and environment. These agencies also seek to increase consumer awareness. Economic regula tory agencies encourage economic health, including the stimulation of competition between market forces. Process regulatory agencies involve the collection of funds and ...

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