Sec. 9. Economic impact of significant Federal agency rules
590 words·~3 min read·
/bill/113/s/310/is/section-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 553 of title 5, United States Code, is amended by adding at the end the following: Before issuing a notice of proposed rulemaking in the Federal Register regarding the issuance of a proposed significant rule, the head of the Federal agency or independent regulatory agency seeking to issue the rule shall complete a review, to the extent permitted by law, that— analyzes the problem that the proposed rule intends to address, including— the specific market failure, such as externalities, market power, or lack of information, that justifies such rule; or any other specific problem, such as the failures of public institutions, that justifies such rule; analyzes the expected impact of the proposed rule on the ability of new businesses to form and expand; identifies the expected impact of the proposed rule on State, local, and tribal governments, including the availability of resources— to carry out the mandates imposed by the rule on such government entities; and to minimize the burdens that uniquely or significantly affect such governmental entities, consistent with achieving regulatory objectives; identifies any conflicting or duplicative regulations; determines— if existing laws or regulations created, or contributed to, the problem that the new rule is intended to correct; and if the laws or regulations referred to in clause
(i)should be modified to more effectively achieve the intended goal of the rule; and includes the cost-benefit analysis described in paragraph (2). A cost-benefit analysis described in this paragraph shall include— an assessment, including the underlying analysis, of benefits anticipated from the proposed rule, such as— promoting the efficient functioning of the economy and private markets; enhancing health and safety; protecting the natural environment; and eliminating or reducing discrimination or bias; and the quantification of the benefits described in clause (i), to the extent feasible; an assessment, including the underlying analysis, of costs anticipated from the proposed rule, such as— the direct costs to the Federal Government to administer the rule; the direct costs to businesses and others to comply with the rule; and any adverse effects on the efficient functioning of the economy, private markets (including productivity, employment, and competitiveness), health, safety, and the natural environment; and the quantification of the costs described in clause (i), to the extent feasible; an assessment, including the underlying analysis, of costs and benefits of potentially effective and reasonably feasible alternatives to the proposed rule, which have been identified by the agency or by the public, including taking reasonably viable nonregulatory actions; and an explanation of why the proposed rule is preferable to the alternatives identified under clause (i). Before issuing a notice of proposed rulemaking in the Federal Register regarding the issuance of a proposed significant rule, the head of the Federal agency or independent regulatory agency seeking to issue the rule shall— submit the results of the review conducted under paragraph
(1)to the appropriate congressional committees; and post the results of the review conducted under paragraph
(1)on a publicly available website. Any determinations made, or other actions taken, by an agency or independent regulatory agency under this subsection shall not be subject to judicial review. In this subsection the term significant rule means a rule that is likely to— have an annual effect on the economy of $100,000,000 or more; adversely affect, in a material way, the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities; or create a serious inconsistency or otherwise interfere with an action taken or planned by another agency. .