In 1981, President Ronald Reagan issued Executive Order 12291, which required that regulations issued by most federal agencies be submitted to the Office of Information and Regulatory Affairs (OIRA) in the Office of Management and Budget (OMB) for review. Further, when issuing 'major' regulations, agencies were required to conduct a cost-benefit analysis, and they were not permitted to issue regulations whose estimated costs exceeded the estimated benefits. In 1993, President Clinton issued Executive Order 12866, which revoked Executive Order 12291 but maintained most of its requirements, including the requirements for OIRA review and cost-benefit analysis. Executive Order 12866 remains the primary executive order governing presidential review of regulations.
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