Congress Must Approve Major Federal Regulations: Increased Accountability and Oversight.
This bill fundamentally shifts power over major federal regulations, requiring explicit Congressional approval for any new rule estimated to cost the economy $100 million or more annually. This change aims to increase transparency and accountability by forcing Congress to vote on costly rules previously implemented solely by executive agencies. Furthermore, all existing major regulations will automatically expire after 10 years unless Congress votes to extend them, potentially leading to significant deregulation.
Key points
New, costly regulations (economic impact > $100M) require explicit Congressional approval before taking effect, slowing down the regulatory process.
Agencies must publish detailed cost-benefit analyses and job impact studies for all major rules, enhancing public transparency.
A "regulatory budget" is established, requiring agencies to offset the costs of new significant rules by eliminating old ones, aiming to limit overall economic burden.
Existing major regulations will automatically expire after 10 years unless Congress votes for an extension.
Expired
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