Establishing an Economic Analysis Unit in the State Legislature Act
Section 1: The Economic Analysis Unit
The Economic Analysis Unit (EAU) is hereby created as an independent office within the state legislature.
Section 2: Staff
The EAU shall be staffed with one economist who will serve as its Director and such other staff as the legislature shall provide by statute or according to its usual process.
Section 3: Scope of the Office
The EAU will evaluate (i) Regulatory Impact Analyses (RIAs) and cost-benefit analyses (CBAs) conducted by a state agency pursuant to statute and render an opinion as to the completeness and accuracy of such analyses; and (ii) conduct a cost-benefit analysis of grants received from the federal government or from other sources external to state government.
Section 4: Referrals.
The EAU shall evaluate or conduct the analysis as described in Section 3 upon referral by a chair or ranking member of a committee of either house. The EAU shall undertake such a review in the order of referral unless, in a given session, the Senate President and Speaker of the House direct otherwise.
Section 4: Report
At the end of each calendar year, the EAU shall provide the Senate President and the Speaker of the House a report listing the matters evaluated and its opinion as to staffing or other resource needs.