Section 1 Short title
This Act may be cited as the “Federal Agency Complete Transparency Act of 2016” or the “FACT Act of 2016”.
Federal Agency Complete Transparency Act of 2016
A BILL
To amend title 5, United States Code, to require a general notice of proposed rule making for a major rule to include a cost-benefit analysis of the proposed rule, and for other purposes.
Sec. 2 Cost-benefit analysis required to be included in general notice of proposed rule making
Section 553(b) of title 5, United States Code, is amended—
in paragraph (2), by striking “and” at the end;
in paragraph (3), by striking the period at the end and inserting “; and”; and
by inserting after paragraph (3) the following:
“(4) in the case of a major rule (as such term is defined in section 804), a cost-benefit analysis of the proposed rule, including any data or formula used for purposes of such analysis.”