Vote Smart's Synopsis:

Vote to pass a bill that requires all major rules proposed by executive agencies to be approved by Congress in a joint resolution.

Highlights:

• Requires executive agencies, after promulgating a new rule, submit the following materials to Congress for approval (Sec. 3):
• The text of the proposed rule;
• A “concise general statement” regarding the substance and purpose of the proposed rule;
• A classification of the proposed rule as either major or nonmajor and an explanation of this classification;
• A list of any related regulatory intentions; and
• The proposed effective date of the proposed rule.

• Requires executive agencies, after promulgating a new rule, submit to the Comptroller General materials including, but not limited to, the following (Sec. 3):
• A cost-benefit analysis of the proposed rule; and
• An assessment of whether the proposed rule imposes new limits or mandates on the private sector.

• Requires that all new rules proposed by executive agencies be approved by Congress through a joint resolution within 70 days of the rule’s submission (Sec. 3).

• Specifies that if a proposed rule is not approved by Congress within the 70 day period that the proposed rule is to be considered disapproved, and shall not take effect (Sec. 3).

• Specifies that if a proposed rule is not approved by Congress within the 70 day limit that the same Congress cannot consider the proposed rule in question (Sec. 3).

• Requires executive agencies, when submitting a new rule, also to provide a report on what existing rule will be repealed or amended and in what way in order for Congress to approve the proposed rule (Sec. 3).

• Requires executive agencies to present to Congress 10% of the agency’s existing regulations for review each year for the 10 years following the passage of this bill into law (Sec. 3).
• Specifies that if Congress has not passed a joint resolution of approval regarding any existing rule by the end of the 10 years period the rule shall be considered disapproved and cease to have effect.

• Defines “major rule” as any rule which has resulted in or is likely to result in the following (Sec. 3):
• An annual economic cost of $100,000,000 or more;
• A major increase in costs or prices for consumers or other groups; and
• Significant adverse effects on foreign or domestic competition, employment, investment, productivity, or innovation.

• Defines “nonmajor rule” as any rule which is not a major rule (Sec. 3).

• Requires executive agencies, when proposing rules, to publish in the Federal Register a list of information on which the proposed rule is based (Sec. 3).

Full Bill Text

Full Bill Text