The EPA’s strategy to include groups of similar chemicals and chemicals for which there is readily available information should help save time as it sorts through 40 chemicals this year, according to chemical industry advisers.

But Rep. Frank Pallone (D-N.J.) chairman of the House Committee on Energy and Commerce, said the EPA’s decision to take another look at chemicals like formaldehyde and phthalates raises questions about whether it’s focusing on the chemicals of greatest concern.

The Environmental Protection Agency released a list of the chemicals March 20...