Section 1 Short title
This Act may be cited as the “Terminating Heavy Regulations to Invigorate a Vibrant Economy Act” or the “THRIVE Act”.
Terminating Heavy Regulations to Invigorate a Vibrant Economy Act
A BILL
To amend title 5, United States Code, to exempt deregulatory rule from congressional review requirements, and for other purposes.
Sec. 2 Congressional Review Act deregulatory rule exemption
In general— Chapter 8 of title 5, United States Code (commonly known as the “Congressional Review Act”), is amended—
in section 804, by adding at the end the following:
“(4) Deregulatory action—The term “deregulatory rule”—
“(A) means a rule that has been finalized by the promulgating agency and has total costs less than zero;
“(B) includes a rule that—
“(i) repeals or revises an existing rule; and
“(ii) is cost saving as determined by the promulgating agency for purposes of the total incremental cost allowance; and
“(C) includes a rule promulgated pursuant to an informal, formal, or negotiated rulemaking.
“(5) Total incremental allowance—The term “total incremental allowance” means the total amount of incremental costs that may be allowed for each agency in issuing new regulations and repealing regulations for the next fiscal year.”
by inserting after section 807 the following:
“807A. Deregulatory rule exemption
“Nothing in this chapter shall apply to any deregulatory rule.”
Clerical amendment— The table of sections for chapter 8 of title 5, United States Code, is amended by inserting after the item relating to section 807 the following: