Did you know that more than 24,000 regulations were proposed at the federal and state levels in the United States in 2020? And in the first two months of 2021, there have already been close to 4,000 proposed regulations. Acting on regulatory activity is essential to driving results to your organization. Our recent 2021 State of Public Affairs Report found regulatory activity was the #1 issue impacting the industries of more than 50 percent of respondents.
Regulatory activities run the gamut: from major rules with enormous economic consequences — and Presidential legacy — to those that affect only a handful of people or industries. Others still sit in the middle zone, with engaged interest groups and important policy stakes, but little public involvement.
But for those where the position of the agency is potentially flexible and open to change, based on the public comment period, seasoned government and regulatory affairs professionals know it can be a way to nudge policy in a preferred direction.
What is Regulatory Tracking?
While Congress and statehouses get all the attention for introducing and passing laws, the agencies that interpret and enforce the rules and regulations passed down are arguably where the really important and ultimately impactful work happens. Getting those rules in place can be a long and arduous journey, especially if you’re working on a federal, state, or global regulatory strategy. Regulatory tracking allows you to stay ahead of the process and of new regulations that could potentially impact your organization.
Why is Regulatory Tracking Important?
In the world of public affairs and government relations, being proactive is no doubt the most effective way to get things done. You’ll have a much better chance of impacting proposed regulations at the state or federal level if you’re aware of them early in the process. It’s that simple: if you want to have a say in the outcome and protect your organization’s interests, you have to stay on top of the regulatory process.
But even if you don’t wish to influence the outcome of regulation, another reason why regulatory tracking is important is that, if it impacts your organization, you want to make sure you’re aware early on to start adapting your processes to be compliant. Plus, it can be a great way to take the temperature of your members or supporters or just a touchpoint to engage them in the commentary process. Either way, the best way to stay ahead is by using a regulatory tracker.
Steps for Successful Regulatory Tracking
With thousands of regulations proposed and enacted each year, manually searching through multiple online state registers and federal agencies to stay on top of developments that impact your organization can be an unnecessary time-consuming task.
Here are seven tips to make sure you’re staying one step ahead of tracking, responding to, and influencing the regulations that impact your organization most.
1. Collect Specific Information
To be the most effective at tracking regulations, you have to be crystal clear on your issues. Make lists of the regulations and laws that are important, the bills and proposed rules that are in play, and the people and organizations that have an impact — even the language that is used. This information can be extremely helpful in a variety of ways, from tracking regulations and bills to developing an early warning system, so maintain these lists as issues come and go.