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Section 2031 of the Water Resources Development Act of 2007 (Public Law 110-114) called for revisions to the 1983 Principles and Guidelines for Water and Land Related Resources Implementation Studies resulting in the issuance of the Principles and Requirements (P&R) in March 2013 and the Interagency Guidelines in December 2014, which together comprise the Principles, Requirements, and Guidelines (PR&G). The PR&G are intended to provide a common framework and comprehensive policy and guidance for analyzing a diverse range of water resources projects, programs, activities, and related actions involving Federal investment in water resources.  The Corps proposes to establish regulations to direct the implementation of the PR&G to the Corps’ mission and authorities.  The Corps proposes to use the Interagency Guidelines as the foundation for the development of the regulation as it provides guidance to Federal agencies for determining the applicability of the P&R and for developing procedures to implement the framework.  In proposing this regulation, the Corps intends to increase consistency and compatibility in Federal water resources investment decision making to include considerations such as analyzing a broader range of long-term costs and benefits, enhancing collaboration, including a more thorough and transparent risk and uncertainty analyses, and improving resilience for dealing with emerging challenges, like climate change.