Section 1 Short title
This Act may be cited as the “Social Cost of Carbon Transparency Enhancement Act of 2013”.
Social Cost of Carbon Transparency Enhancement Act of 2013
A BILL
To require agency notice and receipt of public comment before using any estimate for the social cost of carbon, to require reports on the results of and methods used to calculate any cost-benefit or regulatory impact analysis, and for other purposes.
Sec. 2 Notice and receipt of public comment for social cost of carbon
The head of an agency may not use an estimate for the social cost of carbon until completion of notice and receipt of public comment with regard to such estimate.
Sec. 3 Cost-benefit and regulatory impact report requirement
In general— As soon as practicable after the completion by an agency of any cost-benefit or regulatory impact analysis used to promulgate rules or guidelines or to determine administrative actions, the head of the agency, in consultation with the Director of the Office of Management and Budget—
shall submit to the relevant committees of the House of Representatives and the Senate a report on the result of and methods (including any key method) used to calculate the cost-benefit or regulatory impact analysis; and
shall publish such report in the Federal Register.
Interim period—
In general— Any cost-benefit or regulatory impact analysis that is the subject of a report submitted pursuant to subsection (a) may not be finalized during the 60-day period starting on the date of submission of the report.
Waiver authority— The head of the agency concerned may waive the 60-day period described in paragraph (1) in an emergency situation or if required by law to act more quickly.
Valuation of Benefits— During the 60-day period described in subsection (b)(1), the head of each agency shall evaluate the potential benefits of each cost-benefit or regulatory impact analysis through the following:
Providing an opportunity for public comment on the results of the cost-benefit or regulatory impact analysis.
Consideration of public comments.
Publishing a summary of the public comments received and the agency responses to such comments in the Federal Register.
Sec. 4 Definitions
In this Act:
Agency— The term agency has the meaning given that term in section 551 of title 5, United States Code, except that the term does not include an independent regulatory agency as defined by section 3502(5) of title 44, United States Code.
Key method— The term key method includes any method that determines the social cost of carbon.