This week, host Kristin Hayes talks with Sheila Olmstead, a professor at the University of Texas at Austin, a university fellow at Resources for the Future (RFF) and a senior fellow at the Property and Environment Research Center in Bozeman, Montana. She spent time at the Council of Economic Advisers during the transition from the Obama to Trump administrations, and she has coauthored a recent report, commissioned by the External Environmental Economics Advisory Committee (E-EEAC), which is the subject of this episode.

The E-EEAC is an independent organization dedicated to providing up-to-date, nonpartisan advice on the state of economic science as it relates to programs at the US Environmental Protection Agency. Regular listeners may recall that Hayes discussed a previous E-EEAC report on Resources Radio, with coauthors Mary Evans and Matt Kotchen, about the Mercury and Air Toxics Standards (MATS) rule. This week, Hayes and Holmstead talk about the newly released report commissioned by the E-EEAC, this time about the 2015 Clean Water Rule and its eventual replacement, the Navigable Waters Protection Rule. They discuss what the rules are all about, how the rules have shifted under different presidential administrations, and Holmstead's views on how to improve the economic analysis that underpins the development and finalization of these rules.

References and recommendations:

"Report on the Repeal of the Clean Water Rule and its Replacement with the Navigable Waters Protection Rule to Define Waters of the United States (WOTUS)" by David A. Keiser, Sheila M. Olmstead, Kevin J. Boyle, Victor B. Flatt, Bonnie L. Keeler, Daniel J. Phaneuf, Joseph S. Shapiro, and Jay P. Shimshack; https://www.e-eeac.org/wotusreport

"Bowlaway" by Elizabeth McCracken; https://www.harpercollins.com/products/bowlaway-elizabeth-mccracken?variant=32205511360546

"The Giant's House" by Elizabeth McCracken; https://www.penguinrandomhouse.com/books/110879/the-giants-house-by-elizabeth-mccracken/