Economic Report of the President

1977 to review selected analyses of the economic effects of majorregulatory proposals. The President has ordered that each major regulatoryproposal issued by a nonindependent regulatory agency mustbe accompanied by a regulatory analysis. The agency originating theproposal develops the analysis and makes it available in draft formfor public comment before the final regulation is issued. During theperiod for public comment the Regulatory Analysis Review Groupevaluates a select few of these regulatory analyses and files its appraisalin the agency's record of public comment.In 1980 eight regulations were reviewed by RARG: the EnvironmentalProtection Agency's air carcinogen policy, its guidelines forwater effluents in the leather tanning and finishing industry, its visibilityregulations for Federal Class I areas, and its ambient air qualitystandards for carbon monoxide; the Department of Energy's buildingenergy performance standards and its consumer appliance energy efficiencystandards; the Department of Education's rules concerningthe education of students not proficient in English, and the Departmentof Housing and Urban Development's revisions of its minimumproperty standards. At year's end the Environmental ProtectionAgency's premanufacture notification requirements for new chemicalsubstances were being reviewed. Together with the staff of the Councilon Wage and Price Stability, the Council's staff served as the analyticstaff for the RARG. In addition, the Council and the staff continuedtheir active involvement in proposed regulatory reform legislationand in the development of administrative means to lessen theburden of regulation.INTERNATIONAL ECONOMIC POLICIESDuring 1980 the Council of Economic Advisers again took anactive part in international economic affairs. The Chairman of theCouncil continued to serve as Chairman of the Economic PolicyCommittee of the Organization for Economic Cooperation and Development(OECD). As such, he chaired two meetings of senior economicofficials from OECD member governments to assess appropriateeconomic policies following the sharp rise in energy prices and toachieve improved policy coordination among countries.In consultation with senior officials from other countries, theChairman also prepared a position paper on economic policy issuesfor the Venice Summit.The Council is active in the OECD Economic Policy Committee'sworking parties on short-term economic prospects, balance of paymentsadjustment, and macroeconomic structural and policy analysis.Council Members or staff economists represent the U.S. governmentat periodic meetings of these working parties during the year.222