Section 1 Short title
This Act may be cited as the “Regulatory Impact Scale on the Economy Small Business Act of 2015” or the “RISE Small Business Act of 2015”.
Regulatory Impact Scale on the Economy Small Business Act of 2015
A BILL
To require agencies to publish the categorization of certain proposed and final rules, and for other purposes.
Sec. 2 Categorization of rules
Section 553 of title 5, United States Code, is amended by adding at the end the following:
“(f) Categorization of rules
“(1) In general—Before an agency promulgates a proposed or final rule that the agency determines is likely to have an annual effect on the economy of not less than $100,000,000, the agency shall—
“(A) assign the rule to the applicable category described in paragraph (2) based on the highest possible annual effect that the agency determines the proposed or final rule is likely to have on the economy; and
“(B) publish in the Federal Register the assigned category for the rule.
“(2) Categories—A proposed or final rule is a—
“(A) category 1 rule, if the agency determines that the rule is likely to result in an annual effect on the economy of not less than $100,000,000 and not more than $499,999,999;
“(B) category 2 rule, if the agency determines that the rule is likely to result in an annual effect on the economy of not less than $500,000,000 and not more than $999,999,999;
“(C) category 3 rule, if the agency determines that the rule is likely to result in an annual effect on the economy of not less than $1,000,000,000 and not more than $4,999,999,999;
“(D) category 4 rule, if the agency determines that the rule is likely to result in an annual effect on the economy of not less than $5,000,000,000 and not more than $9,999,999,999; and
“(E) category 5 rule, if the agency determines that the rule is likely to result in an annual effect on the economy of not less than $10,000,000,000.
“(3) Submission to OIRA—Each agency shall, on an annual basis, submit to the Administrator of the Office of Information and Regulatory Affairs a list of the rules, by category, that the agency published in the Federal Register under paragraph (1) during the preceding year.
“(4) Publication on OIRA website—Not later than 60 days after the date on which the Administrator of the Office of Information and Regulatory Affairs receives a list of rules from an agency under paragraph (3), the Administrator shall publish on www.reginfo.gov—
“(A) the list of rules received from the agency under paragraph (3); and
“(B) an estimate of the costs and benefits of each rule included on the list.”
Sec. 3 Defining significant economic impact for initial and final regulatory flexibility analyses
Section 601 of title 5, United States Code, is amended—
in paragraph 6, by striking “and” at the end;
in paragraph 7, by striking the period at the end and inserting a semicolon;
in paragraph 8—
by striking “Recordkeeping” and all that follows through “The” and inserting “the”; and
by striking the period at the end and inserting “; and”; and
by adding at the end the following:
“(9) the term significant economic impact means an annual economic effect of not less than $100,000,000.”