Congressional Approval Required for Costly Federal Agency Regulations
This Act changes the procedure for implementing so-called major rules by federal agencies. It requires that any new rule with an estimated annual cost of at least $50 million receive Congressional approval via a joint resolution before taking effect. The Act also establishes a mechanism for reviewing existing rules, which may expire if not approved by Congress.
Key points
No Automatic Implementation: Federal agencies cannot implement regulations costing $50 million or more annually without the enactment of a joint resolution of approval by Congress.
Review of Existing Rules: Agencies must designate a portion of eligible rules for review; these rules will expire 5 years after the enactment of this section if Congress does not approve them.
Increased Transparency: Agencies must submit reports to Congress containing cost-benefit analyses, job impact assessments, and inflation estimates for each rule.
Status:
Expired
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