The Regulatory Accountability Act aims to improve the rulemaking process of federal agencies by making it more transparent, accountable, and efficient. It seeks to ensure that regulations serve the public interest while considering their economic and societal impacts. Key provisions require agencies to assess their legal authority, the significance of the issues addressed, and the effectiveness of existing laws. Agencies must evaluate a reasonable number of alternatives to proposed rules, especially for major regulations, which necessitate a detailed analysis of costs and benefits.