Sec. 4. Review of regulations and policies
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With respect to any proposed regulation or policy relating to mineral leasing policy for Federal land or Indian land for exploration, development, or production of oil, gas, or coal (including valuation methodologies and royalty and lease rates for oil, gas, or coal), not later than 180 days after the applicable date described in paragraph (2), 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 budgetary and economic impacts described in subsection (b). The date referred to in paragraph
(1)is, as applicable— with respect to a proposed regulation or policy issued on or after the date of enactment of this Act, the date of the issuance by the Secretary of the proposed regulation or policy; and with respect to a proposed regulation or policy that is pending as of the date of enactment of this Act, the date of the enactment of this Act. To the maximum extent practicable, before any proposed regulation described in subsection (a)(1) is issued as a final rule, the 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 Board determines that a regulation described in paragraph
(1)will have a negative State or tribal budgetary or economic impact, the Board may request a delay in the issuance of the proposed regulation as a final rule for the purposes of further— stakeholder consultation; budgetary review; and development of a proposal to mitigate the negative budgetary or economic impact. A delay under paragraph
(2)shall not exceed a 180-day period beginning on the date on which the Board requested the delay. Before any proposed regulation described in subsection (a)(1) may be issued as a final rule, the Secretary shall take into account any negative State or tribal budgetary or economic impact determined by the Committee under subsection (a)(1) and revise the proposed regulation to avoid the negative impact. Any final regulation subject to paragraph
(1)shall include— a summary of the report required under subsection (a)(1)(B); and a clear explanation of why the recommendations of that report (including the State and tribal determination under subsection (b)(1)) were or were not taken into account in the finalization of the regulation. The Secretary shall submit to the Chairmen and Ranking Members of the Committee on Energy and Natural Resources and the Committee on Indian Affairs of the Senate and the Committee on Natural Resources of the House of Representatives a report regarding the explanation under subsection (c)(2)(B) of why the recommendations of the report under subsection (a)(1)(B) (including the State and tribal determination under subsection (b)(1)) were or were not taken into account in the finalization of the regulation.