For over 100 years, our nation’s statistical system has delivered trusted, high-quality statistics that drive government, business, and household decisions. Over that time, BEA and other statistical agencies have evolved with and adapted to our ever-changing economy. Today, we celebrate another step in that evolution with the publication of the “Trust Regulation.”
Officially entitled the “Fundamental Responsibilities of Recognized Statistical Agencies and Units,” it’s actually a final rule issued by the Office of Management and Budget. In fact, the Trust Regulation is the first of three rules to be issued under the Foundations for Evidence-Based Policymaking Act of 2018. This law, enacted in 2019 with widespread bipartisan support, establishes a framework that empowers the federal government to deliver better data and evidence for the American public.
The Trust Regulation sets forth requirements for statistical agencies to carry out four fundamental responsibilities. (For more information about the Trust Regulation, you can check out a recent blog from the Chief Statistician of the United States, Karin Orvis). Specifically—
- Produce and disseminate relevant and timely statistical information.
- Conduct credible and accurate statistical activities.
- Conduct objective statistical activities.
- Protect the trust of information providers by ensuring the confidentiality and exclusive statistical use of their responses.
You’ll be happy to know that the Trust Regulation is consistent with how we’ve always done business at BEA. Autonomy and objectivity are hallmarks of BEA, and we work closely with leaders and partners at the Department of Commerce who support our role as a nonpartisan source of timely, relevant, and accurate information about the nation’s economy.