PUBLIC LAW 104-304—OCT. 12, 1996 110 STAT. 3795 "(3) RISK ASSESSMENT.—In conducting a risk assessment referred to in subparagraphs (D) and (E) of paragraph (2), the Secretary shall— "(A) identify the regulatory and nonregulatory options that the Secretsiry considered in prescribing a proposed standard; "(B) identify the costs and benefits associated with the proposed standard; "(C) include— "(i) an explanation of the reasons for the selection of the proposed standard in lieu of the other options identified; and "(ii) with respect to each of those other options, a brief explanation of the reasons that the Secretary did not select the option; and "(D) identify technical data or other information upon which the risk assessment information and proposed standard is based. "(4) REVIEW.— "(A) IN GENERAL.— The Secretary shall— "(i) submit any risk assessment information prepared under paragraph (3) of this subsection to the Technical Pipeline Safety Standards Committee, the Technical Hazardous Liquid Pipeline Safety Standards Committee, or both, as appropriate; and "(ii) make that risk assessment information available to the general public. "(B) PEER REVIEW PANELS. — The committees referred to in subparagraph (A) shall serve as peer review panels to review risk assessment information prepared under this section. Not later than 90 days after receiving risk assess- Reports, ment information for review pursuant to subparagraph (A), each committee that receives that risk assessment information shall prepare and submit to the Secretary a report that includes— "(i) an evaluation of the merit of the data and methods used; and "(ii) any recommended options relating to that risk assessment information and the associated standard that the committee determines to be appropriate. "(C) REVIEW BY SECRETARY. —Not later than 90 days after receiving a report submitted by a committee under subparagraph (B), the Secretary— "(i) shall review the report; "(ii) shall provide a written response to the committee that is the author of the report concerning all significsuit peer review comments and recommended alternatives contained in the report; and "(iii) may revise the risk assessment and the proposed standard before promulgating the final standard. "(5) SECRETARIAL DECISIONMAKING.— Except where other- standards. wise required by statute, the Secretary shall propose or issue a standard under this Chapter only upon a reasoned determination that the benefits of the intended standard justify its costs. "(6) EXCEPTIONS FROM APPLICATION.—The requirements of subparagraphs (D) and (E) of paragraph (2) do not apply when—
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