,i #aacth ,,congress #b;d ,session ,h4 ,r4 #dfee ,,in ,,the ,,house ,,of ,,representatives ,may #i1 #bjad ,mr4 ,yoder introduced the following bill2 which was referred to the ,committee on ,oversight and ,government ,reform1 and in addition to the ,committees on the ,judiciary1 ,rules1 and the ,budget1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,unfunded ,mandates ,reform ,act of #aiie to provide for regulatory impact analyses for certain rules1 consideration of the least burdensome regulatory alternative1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,unfunded ,mandates ,accountability ,act of #bjac4 #b4 ,findings ,congress finds the following3 7#a7 ,the public has a right to know the benefits and costs of regulation4 ,regulations impose significant costs on individuals1 employers1 ,state1 local1 and tribal governments1 diverting resources from other important priorities4 7#b7 ,better regulatory analysis and review should improve the quality of agency decisions1 increasing the benefits and reducing unwarranted costs of regulation4 7#c7 ,disclosure and scrutiny of key information underlying agency decisions should make ,government more accountable to the public it serves4 #c4 ,regulatory impact analyses for certain rules ,section #bjb of the ,unfunded ,mandates ,reform ,act of #aiie 7#b ,u4,s4,c4 #aecb7 is amended-- 7#a7 by striking the section heading and inserting the following3 #bjb4 ,regulatory impact analyses for certain rules 2 7#b7 by redesignating subsections 7b7 and 7c7 as subsections 7d7 and 7e71 respectively2 7#c7 by striking subsection 7a7 and inserting the following3 7a7 ,definition ,in this section1 the term cost means the cost of compliance and any reasonably foreseeable indirect costs1 including revenues lost as a result of an agency rule subject to this section4 7b7 ,in general ,before promulgating any proposed or final rule that may have an annual effect on the economy of #ajj1jjj1jjj or more 7adjusted for inflation71 or that may result in the expenditure by ,state1 local1 and tribal governments1 in the aggregate1 of #ajj1jjj1jjj or more 7adjusted for inflation7 in any #a year1 each agency shall prepare and publish in the ,federal ,register an initial and final regulatory impact analysis4 ,the initial regulatory impact analysis shall accompany the agency's notice of proposed rulemaking and shall be open to public comment4 ,the final regulatory impact analysis shall accompany the final rule4 7c7 ,content ,the initial and final regulatory impact analysis under subsection 7b7 shall include-- 7#a7 7,a7 an analysis of the anticipated benefits and costs of the rule1 which shall be quantified to the extent feasible2 7,b7 an analysis of the benefits and costs of a reasonable number of regulatory alternatives within the range of the agency's discretion under the statute authorizing the rule1 including alternatives that-- 7i7 require no action by the ,federal ,government2 and 7ii7 use incentives and market-based means to encourage the desired behavior1 provide information upon which choices can be made by the public1 or employ other flexible regulatory options that permit the greatest flexibility in achieving the objectives of the statutory provision authorizing the rule2 and 7,c7 an explanation that the rule meets the requirements of section #bje2 7#b7 an assessment of the extent to which-- 7,a7 the costs to ,state1 local1 and tribal governments may be paid with ,federal financial assistance 7or otherwise paid for by the ,federal ,government72 and 7,b7 there are available ,federal resources to carry out the rule2 7#c7 estimates of-- 7,a7 any disproportionate budgetary effects of the rule upon any particular regions of the ,nation or particular ,state1 local1 or tribal governments1 urban or rural or other types of communities1 or particular segments of the private sector2 and 7,b7 the effect of the rule on job creation or job loss1 which shall be quantified to the extent feasible2 and 7#d7 7,a7 a description of the extent of the agency's prior consultation with elected representatives 7under section #bjd7 of the affected ,state1 local1 and tribal governments2 7,b7 a summary of the comments and concerns that were presented by ,state1 local1 or tribal governments either orally or in writing to the agency2 and 7,c7 a summary of the agency's evaluation of those comments and concerns4 2 7#d7 in subsection 7d7 7as redesignated by paragraph 7#b7 of this subsection71 by striking subsection 7a7 and inserting subsection 7b72 and 7#e7 in subsection 7e7 7as redesignated by paragraph 7#b7 of this subsection71 by striking subsection 7a7 each place that term appears and inserting subsection 7b74 #d4 ,least burdensome option or explanation required ,section #bje of the ,unfunded ,mandates ,reform ,act of #aiie 7#b ,u4,s4,c4 #aece7 is amended to read as follows3 #bje4 ,least burdensome option or explanation required ,before promulgating any proposed or final rule for which a regulatory impact analysis is required under section #bjb1 the agency shall-- 7#a7 identify and consider a reasonable number of regulatory alternatives within the range of the agency's discretion under the statute authorizing the rule1 including alternatives required under section #bjb7;c77#a77;,b72 and 7#b7 from the alternatives described under paragraph 7#a71 select the least costly1 most cost-effective1 or least burdensome alternative that achieves the objectives of the statute4 4 #e4 ,inclusion of application to independent regulatory agencies 7a7 ,in general ,section #dba7a7 of the ,congressional ,budget and ,impoundment ,control ,act of #aigd 7#b ,u4,s4,c4 #feh7a77 is amended by striking 1 but does not include independent regulatory agencies4 7b7 ,exemption for monetary policy ,the ,unfunded ,mandates ,reform ,act of #aiie 7#b ,u4,s4,c4 #aeja et seq47 is amended by inserting after section #e the following3 #f4 ,exemption for monetary policy ,nothing in title ,,ii1 ,,iii1 or ,,iv shall apply to rules that concern monetary policy proposed or implemented by the ,board of ,governors of the ,federal ,reserve ,system or the ,federal ,open ,market ,committee4 4 #f4 ,judicial review ,section #dja of the ,unfunded ,mandates ,reform ,act of #aiie 7#b ,u4,s4,c4 #aega7 is amended to read as follows3 #dja4 ,judicial review 7a7 ,in general ,for any rule subject to section #bjb1 a party aggrieved by final agency action is entitled to judicial review of an agency's analysis under and in compliance with subsections 7b7 and 7c77#a7 of section #bjb and section #bje4 ,the scope of review shall be governed by chapter #g of title #e1 ,united ,states ,code4 7b7 ,jurisdiction ,each court having jurisdiction to review a rule subject to section #bjb for compliance with section #eec of title #e1 ,united ,states ,code1 or under any other provision of law1 shall have jurisdiction to review any claims brought under subsection 7a7 of this section4 7c7 ,relief available ,in granting relief in an action under this section1 the court shall order the agency to take remedial action consistent with chapter #g of title #e1 ,united ,states ,code1 including remand and vacatur of the rule4 4 #g4 ,effective date ,this ,act shall take effect #ij days after the date of enactment of this ,act4