The United States government has taken the lead in making regulatory impact
assessment, based on benefit–cost analysis, a part of the policy formation process.
Present US policy requires an assessment of all major regulations, i.e. regulations
likely to have an impact of at least $100 million (Morall, 1997). Many other countries
have implemented some form of regulatory review, and governments in all OECD
countries have agreed to use some form of RIA, but most do not yet require benefit–
cost analysis (Jacobs, 1997).