(a)
In general— Except as provided in subsection (c), and subject to the requirements under subsection (d), effective on the date of enactment of this Act and ending on the last day of the fiscal year in which this Act is enacted, an agency may not conduct any new rulemaking action unless the following conditions are met:
(1)
The rulemaking is narrowly-tailored to achieve 1 or more of the following objectives:
(A)
To reduce or remove a regulatory burden.
(B)
To remove obsolete, outdated, or unnecessary regulations.
(C)
To comply with a new statutory requirement or court order.
(D)
To prevent a substantiated and well-documented threat to public health, peace, or safety.
(2)
At least 1 existing rule is repealed or significantly simplified in conjunction with the new or amended rule so that the net regulatory burden is decreased. Upon approval of the Director of the Office of Management and Budget, this condition shall not apply if the rulemaking is mandated by Federal law or by court order.
(3)
At least 1 public hearing is conducted.
(4)
The agency—
(A)
completes a cost-benefit analysis of the new or amended rule, using a standardized form developed by the Administrator of the Office of Information and Regulatory Affairs pursuant to subsection (b);
(B)
publishes such form on the website of the agency not later than 90 days after the date on which the review under subparagraph (A) begins; and
(C)
publishes a copy of the prospective analysis on the website of the agency.
(b)
OIRA forms— The Administrator of the Office of Information and Regulatory Affairs shall develop a standardized form to be distributed to agencies for the purpose of conducting a prospective analysis of new or amended regulations.
(c)
Exceptions— An agency may conduct a new rulemaking action during the period specified under subsection (a) if—
(1)
there is good cause for the rulemaking action under section 553(b)(B) of title 5, United States Code; or
(2)
the President waives the requirements under subsection (a).
(d)
Additional requirements—
(1)
Single rulemaking docket— All proposed amendments to an existing part of a title of the Code of Federal Regulations shall be contained in a single rulemaking docket and shall be published on regulations.gov, or a successor website.
(2)
Review—
(A)
In general— If the new rulemaking action results in a new part in the Code of Federal Regulations, the agency shall conduct the retrospective analysis described under section 3(d) on the new part not later than 5 years after the rule becomes final and every 5 years thereafter.
(B)
Publication of review date—
(i)
Cover sheet— The agency shall publish the agency review date for any completed or scheduled review on the cover sheet of each individual part.
(ii)
Website— The Director of the Federal Register and the Director of the Government Publishing Office shall publish the agency review date for each completed and scheduled review on ecfr.gov, or a successor website.
(3)
Amendments— Effective on the date of enactment of this Act and ending on the last day of the fiscal year in which this Act is enacted, an agency shall, to the extent practicable, only amend regulations in conjunction with the reinstatement of those regulations under section 3(e).