Below are the steps involved in an economist preparing Standardized Regulatory Impact Assessments (SRIA):
- Understand the regulatory requirements: As an economist preparing an SRIA, it is important to thoroughly understand the specific regulatory requirements outlined in Government Code Sections 11346.2 (b)(2)(B) and 11346.3. Familiarize yourself with the guidelines, criteria, and methodologies prescribed for conducting SRIAs to ensure compliance throughout the assessment process.
- Identify the proposed regulations: Work closely with the regulatory authorities or policymakers to clearly identify and understand the proposed regulations or policy changes that necessitate an SRIA. Obtain a comprehensive understanding of the objectives, scope, and intended outcomes of the proposed regulations to guide your assessment process.
- Collect relevant data: As an economist, you will gather reliable and up-to-date data pertaining to the affected industries, economic sectors, and other relevant variables. This may involve consulting official reports, statistical databases, industry publications, surveys, and other credible sources. Ensure that the data covers the necessary time period to assess the impacts adequately.
- Analyze potential economic impacts: Utilize economic modeling techniques and analytical tools appropriate for the specific context. As an economist, you may apply methods such as input-output analysis, computable general equilibrium (CGE) models, cost-benefit analysis, or sector-specific models to evaluate the potential economic effects of the proposed regulations.
- Consider different scenarios: As an economist, it is essential to consider and analyze multiple scenarios to assess the economic impacts of the proposed regulations. This could involve analyzing baseline projections (without the proposed regulations), various policy alternatives, or different implementation phases. Comparing and contrasting the scenarios can provide valuable insights into the potential outcomes and trade-offs.
- Quantify economic effects: As an economist, you will quantify the estimated economic impacts using appropriate metrics. This may involve measuring changes in employment levels, wages, business revenues, consumer prices, tax revenues, investment levels, productivity, or industrial output. Utilize economic models, historical data, and expert judgment to derive these estimates.
- Consider qualitative factors: As an economist, it is essential to consider qualitative factors that may influence economic impacts in addition to quantitative analysis. This could include assessing potential social effects, environmental implications, distributional impacts, and impacts on different stakeholder groups. Consider conducting surveys, interviews, or focus groups to gather qualitative insights.
- Document the findings: As an economist, prepare a comprehensive report that documents the SRIA process, methodologies employed, data sources, assumptions made, and the estimated economic impacts. Present the findings in a clear and structured manner, using visual aids, charts, tables, and narratives to enhance understanding. Ensure that the report is accessible to both technical and non-technical audiences.
- Provide recommendations: As an economist, based on the analysis and findings, offer informed recommendations to the regulatory authorities or policymakers. Highlight the potential benefits, costs, risks, and any necessary mitigations or alternatives that should be considered. Provide insights into the proposed regulations’ economic feasibility, efficiency, and effectiveness.
- Ensure compliance: As an economist, review the completed SRIA to ensure it meets the specific requirements outlined in Government Code Sections 11346.2 (b)(2)(B) and 11346.3. Confirm that all necessary components, analyses, and disclosures are included. Follow any additional procedures or submission guidelines specified by the regulatory authorities.
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