The U.S. Environmental Protection Agency (EPA) took an historic step to advance the “cost-benefit state,” the paradigm in which “government regulation is increasingly assessed by asking whether the benefits of regulation justify the costs of regulation.”[1] EPA Administrator Andrew Wheeler issued a memorandum directing agency staff to ensure “the agency balances benefits and costs in regulatory decision-making.”[2] He further directed the heads of each office – air, water, solid waste, and chemical safety – to develop a media-specific notice-and-comment rulemaking on how benefit-cost balancing and analytical best practices will be applied under each statute, starting with the air office, which will propose a regulation later this year.