Section 1 Short title
This Act may be cited as the “Strengthening Congressional Oversight of Regulatory actions for Efficiency”.
Strengthening Congressional Oversight of Regulatory actions for Efficiency
A BILL
To create a division within the Congressional Budget Office that would perform regulatory analysis.
Sec. 2 Regulatory analysis by CBO
Title II of the Congressional Budget Act of 1974 is amended by inserting at the end the following:
“204. Regulatory analysis division
“(a) In general—The Director shall establish and maintain a separate Regulatory Analysis Division (referred to in this section as the ‘division’) within the Office that shall be responsible for assessing the impact of Federal rules and regulations.
“(b) Analysis—The responsibilities of the division shall include—
“(1) an analysis, during the public comment period upon the proposal of a rule, of the prospective economic impact of economically significant rules having an annual effect on the economy of $100,000,000 or more or adversely affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities; and
“(2) analysis of economically significant regulations that have been in effect for 5 years, including an analysis of costs and benefits to determine if the regulation is meeting the stated goals the regulation was intended to provide.
“(c) Authorization for appropriation—There are authorized to be appropriated such sums as are necessary for the division to carry out its duties.”