On January 20, President Biden began his term in office as expected with a flurry of executive actions, many with a focus on changing the regulatory rulemaking process and environmental policy. An Executive Memorandum titled, “Modernizing Regulatory Review,” directs agencies to develop rules reflecting new developments in scientific and economic understanding and also fully account for regulatory benefits that are difficult or impossible to quantify. This is a critically important provision included that points directly to the social cost of environmental policies pushed by the Obama administration’s EPA. The Memorandum will allow regulators at the EPA, OSHA and elsewhere to develop rules that they cannot “prove” will immediately and fully accomplish their goals. The action is sure to bring not only opposition from many in the business community but also legal challenges.