Sec. 3. Review of regulations and policies the royalty policy committee advisory activities should include
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Not later than 180 days after the date of the issuance by the Department of the Interior of any proposed regulation or policy related to mineral leasing policy for Federal land for exploration, development, or production of oil, gas, or coal (including valuation methodologies and royalty and lease rates for oil, gas, or coal), and not later than 180 days after the date of the enactment of this Act with respect to any proposed regulation of such Department relating to such policy that is pending as of the date of the enactment of this Act, the Committee shall— assess the proposed regulation or policy; and issue a report that describes the potential impact of the proposed regulation or policy, including any State and tribal economic impacts described in subsection (b).
Before the date on which any proposed regulation related to mineral leasing policy on Federal land (including valuation methodologies and royalty and lease rates for oil, gas, or coal) may be issued as a final rule, the State and Tribal Resources Board shall publish a determination of the impact of the regulation on school funding, public safety, and other essential State or Indian tribal government services. If the State and Tribal Resources Board determines that a regulation described in paragraph
(1)will have a negative State or tribal budgetary impact, the State and Tribal Resources Board may request a delay in the finalization of the regulation for the purposes of further— stakeholder consultation; budgetary review; and development of a proposal to mitigate the negative economic impact. A delay under paragraph
(2)shall not exceed 180 days from the date on which the State and Tribal Resources Board requested the delay in finalization. Before the date on which any proposed regulation related to mineral leasing policy on Federal land (including valuation methodologies and royalty and lease rates for oil, gas, or coal) is issued as a final rule, the Secretary shall revise the proposed regulation to avoid any negative State or tribal economic impact determined by the Committee under subsection (a)(2). Any final regulation subject to paragraph
(1)must include— a summary of the report required under subsection (a)(2); and a clear explanation of why the recommendations of that report (including the State and tribal determination) were or were not taken into account in the finalization of the regulation.