,,ii  #aac? ,,congress  #b;d ,session   
,s4 #bihh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #h1 #bjad ,mr4
 ,lee introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,homel& ,security & ,gov]nm5tal ,affairs
  ,a ,,bill  ,to am5d ! ,congressional  
,budget ,act ( #aigd to e/abli% a ,f$]al
 regulatory budget & to impose co/      
controls on t budget1 & = o!r purposes4 
#a4 ,%ort title  ,?is ,act may be cit$ z
 ! ,regulatory ,co/ ,assessm5t ,act (   
#bjad4  #b4  ,am5dm5ts to !             
,congressional ,budget ,act ( #aigd  7a7
  ,f$]al regulatory budget co/ control  
sy/em  ,title ,,iii ( ! ,congressional  
,budget ,act ( #aigd is am5d$-- 7#a7 by 
ins]t+ be=e section #cjj ! foll[+3  ,a  
,g5]al provisions  2  &  7#b7 by add+ at
 ! end ! foll[+ new "p3  ,b  ,f$]al     
regulatory budget co/ control  #cba4    
,def9itions ,9 ?is "p--  7#a7 ! t]m     
,,cbo means ! ,congressional ,budget    
,(fice2  7#b7 ! t]m direct co/ ( ,f$]al 
regulation means all co/s incurr$ by1 & 

exp5ditures requir$ (1 ! ,f$]al         
,gov]nm5t 9 issu+ & en=c+ ,f$]al        
regulations1 rules1 /atem5ts1 &         
legislation2  7#c7 ! t]m ,f$]al         
regulation1 rule1 /atem5t1 or           
legislation-- 7,a7 includes any guidance
 docum5t issu$ aft] notice & an         
opportunity = comm5t 9 accordance ) !   
requirem5ts = ! promulgation ( a rule "u
 *apt] #e ( title #e1 ,unit$ ,/ates     
,code2 &  7,b7 does n include a ,f$]al  
regulation1 rule1 /atem5t1 or           
legislation apply+ to-- 7i7 ! milit>y2  
or  7ii7 ag5cy organization1 managem5t1 
or p]sonnel2  7#d7 ! t]m ,f$]al         
regulatory co/-- 7,a7 means all co/s    
incurr$ by1 & exp5ditures requir$ (1 !  
private sector 9 comply+ ) any ,f$]al   
regulation1 rule1 /atem5t1 or           
legislation2 &  7,b7 does n include !   
value ( any b5efit "u ! ,f$]al          
regulation1 rule1 /atem5t1 or           
legislation2  7#e7 ! t]m gross dome/ic  
product means ! gross dome/ic product ( 
! ,unit$ ,/ates dur+ a fiscal ye>1      

consi/5t ) ,dep>tm5t ( ,comm]ce         
def9itions2  7#f7 ! t]m ,,omb means !   
,(fice ( ,managem5t & ,budget2 &  7#g7 !
 t]m regulatory basel9e means !         
projection describ$ 9 section #cbc7;a7 (
 ! ,f$]al regulatory co/ = ! fiscal ye> 
aft] ! date ( ! projection & ! outye>s4 
#cbb4 ,,omb-,,cbo reports ,n lat] ?an #a
 ye> aft] ! date ( enactm5t ( ?is       
section1 & n lat] ?an ,septemb] #ae? (  
ea* odd-numb]$ ye> !reaft]1 ,,omb &     
,,cbo %all jo9tly submit to ! ,presid5t1
 ! ,s5ate1 & ! ,h\se ( ,repres5tatives a
 report t includes--  7#a7 a projection 
( ! direct co/ ( ,f$]al regulation & !  
,f$]al regulatory co/ = ! fir/ fiscal   
ye> beg9n+ aft] ! date ( ! report & at  
lea/ ea* ( ! #d ensu+ fiscal ye>s2  7#b7
 a calculation ( ! e/imat$ direct co/ ( 
,f$]al regulation & ,f$]al regulatory   
co/ z a p]c5tage ( ! gross dome/ic      
product2  7#c7 ! r$uction 9 e/imat$     
gross dome/ic product attributable to   
private sector compliance ) all ,f$]al  
regulations1 rules1 /atem5ts1 or        

legislation2  7#d7 a detail$ description
 ( ! effect on ! economy ( ! ,unit$     
,/ates ( ,f$]al regulations1 rules1     
/atem5ts1 & legislation1 :i* %all be    
categoriz$ z relat+ to-- 7,a7 regulation
 ( ! economy2  7,b7 security1 includ+   
homel& security2  7,c7 ! environm5t2    
7,d7 heal? & safety2 or  7,e7 ! ,f$]al  
budget2  7#e7 a discussion ( ! expect$  
r$uction 9 p]sonnel1 adm9i/rative       
ov]head1 & programmatic co/s t w\ld be  
a*iev$ by ,f$]al ag5cies t issue        
regulations1 rules1 or /atem5ts ) a     
,f$]al regulatory co/ if ! ,f$]al       
ag5cies r$uc$ ! ,f$]al regulatory co/ by
 #e p]c5t2 &  7#f7 recomm5dations =     
budget+1 te*nical1 & e/imat+ *anges to  
improve ! ,f$]al regulatory budget+     
process4  #cbc4  ,regulatory basel9e    
7a7  ,9 g5]al  ,= ! fir/ fiscal ye> t   
beg9s at lea/ #abj days aft] ! date (   
enactm5t ( ?is section & = e second     
fiscal ye> !reaft]1 ,,cbo1 9            
consultation ) ,,omb1 %all submit to !  
,presid5t1 ! ,s5ate1 & ! ,h\se (        

,repres5tatives a regulatory basel9e1   
consi/+ ( a projection ( ! ,f$]al       
regulatory co/ = ! fiscal ye> & at lea/ 
ea* ( ! #d ensu+ fiscal ye>s4 ,9 prep>+ 
! projection ( ! regulatory basel9e "u  
?is subsection1 = ! second fiscal ye>   
cov]$ "u ! projection & ea* fiscal ye>  
!reaft]1 ,,cbo %all adju/ ! basel9e = ! 
e/imat$ gr[? dur+ t fiscal ye> 9 ! gross
 dome/ic product4  7b7  ,deadl9es ,!    
,,cbo %all submit ! regulatory basel9es 
requir$ "u subsection 7a7-- 7#a7 = !    
fir/ regulatory basel9e1 n lat] ?an #cj 
days aft] ! date ( enactm5t ( ?is       
section2 &  7#b7 = ! second regulatory  
basel9e & ea* regulatory basel9e        
!reaft]1 n lat] ?an ,septemb] #ae ( !   
fiscal ye> be=e ! fir/ fiscal ye> cov]$ 
"u ! regulatory basel9e4  #cbd4         
,e/abli%m5t ( level & allocations  7a7  
,e/abli%m5t ( level  7#a7 ,9 g5]al ,9   
addition to ! requirem5ts "u section    
#cja1 a concurr5t resolution on ! budget
 = a fiscal ye> %all set =? !           
appropriate level = ! ,f$]al regulatory 

co/ = ! fiscal ye> & = at lea/ ea* ( !  
#d ensu+ fiscal ye>s4  7#b7 ,default    
total ,if !re is n a level = ! ,f$]al   
regulatory co/ t is 9 effect = a fiscal 
ye> "u a concurr5t resolution on !      
budget-- 7,a7 = ! fir/ fiscal ye> t     
beg9s at lea/ #abj days aft] ! date (   
enactm5t ( ?is section1 ! appropriate   
level = ! ,f$]al regulatory co/ = !     
fiscal ye> %all be ! am\nt ( ! fir/     
regulatory basel9e submitt$ "u section  
#cbc2 &  7,b7 = ea* fiscal ye> aft] !   
fiscal ye> describ$ 9 subp>agraph 7,a71 
! appropriate level = ! ,f$]al          
regulatory co/ = ! fiscal ye> %all be ! 
level = ! mo/ rec5t fiscal ye> = :i* su*
 a level 0 9 effect 7"u subp>agraph     
7,a71 ?is subp>agraph1 or a concurr5t   
resolution on ! budget74  7b7           
,allocation ( totals  7#a7  ,9 g5]al ,= 
! fir/ fiscal ye> t beg9s at lea/ #abj  
days aft] ! date ( enactm5t ( ?is       
section1 & ea* fiscal ye> !reaft]1 !    
,committee on ! ,budget ( ! ,s5ate & !  
,committee on ! ,budget ( ! ,h\se (     

,repres5tatives %all ea* allocate among 
ea* committee ( its ,h\se & by major    
functional category ! ,f$]al regulatory 
co/ 9 effect "u subsection 7a7 = su*    
fiscal ye> & at lea/ ea* ( ! #d ensu+   
fiscal ye>s4  7#b7  ,suballocations ,z  
soon z practicable aft] receiv+ an      
allocation "u p>agraph 7#a71 ea*        
committee %all subdivide its allocation 
among its subcommittees or among        
programs ov] :i* ! committee has        
jurisdiction4  7c7  ,po9t ( ord]  7#a7  
,9 g5]al ,x %all n be 9 ord] 9 ! ,s5ate 
or ! ,h\se ( ,repres5tatives to consid] 
any bill or resolution1 or am5dm5t      
!reto1 :i* w\ld cause an allocation or  
suballocation ( ! ,f$]al regulatory co/ 
made "u subsection 7b7 = a fiscal ye> to
 be exce$$4  7#b7  ,waiv]  ,a po9t (    
ord] "u p>agraph 7#a7 may only be waiv$ 
by ! affirmative vote ( ?ree-fif?s ( !  
,memb]s1 duly *os5 & sworn4  7d7        
,det]m9ations by budget committees  ,=  
purposes ( ?is section1 ! am\nt ( !     
,f$]al regulatory co/ = a fiscal ye> & !

 am\nt ( ! ,f$]al regulatory co/ ( a    
bill or resolution1 or am5dm5t !reto1   
%all be det]m9$ by ! ,committee on !    
,budget ( ! ,s5ate or ! ,committee on ! 
,budget ( ! ,h\se ( ,repres5tatives1 z !
 case may be4  #cbe4  ,analysis ( ,f$]al
 regulatory co/ by congressional budget 
(fice  7a7 ,9 g5]al  ,,cbo %all prep>e =
 ea* bill or resolution ( a public "*   
report$ by any committee ( ! ,s5ate or !
 ,h\se ( ,repres5tatives 7except !      
,committee on ,appropriations ( ea*     
,h\se71 & submit to su* committee--     
7#a7 an e/imate ( ! co/s :i* w\ld be    
incurr$ by ! private sector 9 c>ry+ out 
or comply+ ) su* bill or resolution 9 ! 
fiscal ye> 9 :i* x is to become         
effective & 9 ea* ( ! #d fiscal ye>s    
foll[+ su* fiscal ye>1 :i* %all include 
a discussion ( ! me?odology us$ to      
prep>e1 & ! basis =1 ea* su* e/imate2 & 
7#b7 a comp>ison ( ! e/imate ( co/s     
describ$ 9 p>agraph 7#a7 ) any available
 e/imates ( co/s made by su* committee  
or by any ,f$]al ag5cy4  7b7 ,look-,back

 reviews ,,cbo %all p]iodically submit  
to ,congress a report t-- 7#a7 reviews a
 sample ( laws ( a public "* = :i* an   
e/imate 0 prep>$ "u subsection 7a77#a72 
&  7#b7 comp>es ! e/imates ( ! co/s     
describ$ 9 p>agraphs 7#a7 & 7#b7 (      
subsection 7a7 & ! actual co/s incurr$  
by ! private sector 9 c>ry+ out or      
comply+ ) ! law 9 ! fiscal ye> 9 :i* x  
took effect & 9 ea* ( ! #d fiscal ye>s  
foll[+ su* fiscal ye>4  4  #c4          
,presid5t's annual budget submissions   
,section #aaje7;a7 ( title #ca1 ,unit$  
,/ates ,code1 is am5d$-- 7#a7 by        
r$esignat+ ! second p>agraph designat$ z
 p>agraph 7#cg71 relat+ to outdat$ or   
duplicative plans & reports1 z add$ by  
section #aa ( ! ,,gpra ,mod]nization    
,act ( #bjaj 7,public ,law #aaa-ceb2    
#abd ,/at4 #chha71 z p>agraph 7#ci72 &  
7#b7 by add+ at ! end ! foll[+3  7#dj7 a
 regulatory au?ority budget analysis ( !
 ,f$]al regulatory co/ 7z def9$ 9       
section #cba ( ! ,congressional ,budget 
,act ( #aigd7 ( comply+ ) all curr5t &  

propos$ ,f$]al regulations & proposals =
 comply+ ) section #cbd ( !             
,congressional ,budget ,act ( #aigd = ! 
fiscal ye> = :i* ! budget is submitt$ & 
! #d fiscal ye>s aft] t ye>4  4  #d4    
,e/imation & disclosure ( co/s ( f$]al  
regulation  7a7  ,co/s to private sector
 ( new f$]al regulations  ,*apt] #f (   
title #e1 ,unit$ ,/ates ,code1 popul>ly 
kn[n z ! ,regulatory ,flexibility ,act1 
is am5d$--  7#a7 9 section #fjc-- 7,a7 9
 subsection 7a71 9 ! second s5t5ce1 by  
ins]t+ be=e ! p]iod ! foll[+3 & %all    
discuss 9 detail :e!r ! co/ to bus9esses
 ( comply+ ) ! propos$ rule w v>y dep5d+
 on ! size ( ! bus9ess &1 if s1 to :at  
ext5t ! co/ w v>y & :at factors         
contribute to ! v>iation2  7,b7 9       
subsection 7c7-- 7i7 by r$esignat+      
p>agraphs 7#a71 7#b71 7#c71 & 7#d7 z    
subp>agraphs 7,a71 7,b71 7,c71 & 7,d71  
respectively1 & adju/+ ! m>g9 accord+ly2
  7ii7 by ins]t+ 7#a7 aft] 7c72 &  7iii7
 by /rik+ ,consi/5t ) ! & ins]t+ !      
foll[+3  7#b7 ,! analysis ( significant 

alt]natives to ! propos$ rule %all      
include a detail$ analysis ( ! co/s &   
b5efits ( ! propos$ rule & ea*          
alt]native1 :i* %all sep>ately address !
 co/s & b5efits = ea* indu/ry4  7#c7    
,consi/5t ) !  2 &  7,c7 by add+ at !   
end ! foll[+3  7e7 ,ea* initial         
regulatory flexibility analysis %all    
also conta9 a description ( ! nature &  
am\nt ( monet>y co/s t w be incurr$ by  
small entities1 o!r bus9esses1 &        
individuals 9 comply+ ) ! propos$ rule4 
2  7#b7 9 section #fjd7;a7-- 7,a7 9 !   
fir/ p>agraph designat$ z p>agraph 7#f7 
7relat+ to m9imization ( significant    
economic impacts71 by /rik+ & at ! end2 
7,b7 by r$esignat+ ! second p>agraph    
7#f7 7relat+ to cov]$ ag5cies71 z       
p>agraph 7#h72 &  7,c7 by ins]t+ aft]   
p>agraph 7#f7 ! foll[+3  7#g7 a /atem5t 
( ! nature & am\nt ( monet>y co/s t w be
 incurr$ by small entities1 o!r         
bus9esses1 & individuals 9 comply+ ) !  
rule2 &  2 &  7#c7 9 section #fjg1 by   
ins]t+ be=e ! p]iod ! foll[+3 1 except t

 e/imates ( monet>y co/s "u sections    
#fjc7;d7 & #fjd7;a77#g7 %all only be 9 !
 =m ( a num]ical description4  7b7      
,ag5cy reports ,ea* ag5cy t prep>es an  
initial regulatory flexibility analysis 
"u *apt] #f ( title #e1 ,unit$ ,/ates   
,code1 %all1 at ! same "t submit to ea* 
,h\se ( ,congress1 ! ,congressional     
,budget ,(fice1 & ! ,(fice ( ,managem5t 
& ,budget a co/ e/imate & co/ b5efit    
analysis ( any new propos$ regulations1 
rules1 or /atem5ts t w\ld h a ,f$]al    
regulatory co/ 7z def9$ 9 section #cba (
 ! ,congressional ,budget ,act ( #aigd1 
z add$ by ?is ,act7 ( at lea/           
#aj1jjj1jjj = any fiscal ye>4  #e4      
,guidance docum5ts  7a7 ,def9itions ,9  
?is section-- 7#a7 ! t]ms ag5cy & rule h
 ! mean+s giv5 su* t]ms 9 section #eea (
 title #e1 ,unit$ ,/ates ,code2 &  7#b7 
! t]m guidance docum5t means an ag5cy   
/atem5t ( g5]al applicability & future  
effect1 o!r ?an a rule1 t sets =? a     
policy on a /atutory1 regulatory1 or    
te*nical issue or an int]pretation ( a  

/atutory or regulatory issue4  7b7      
,limitation on guidance docum5ts ,an    
ag5cy may n issue a guidance docum5t    
unless ! ag5cy-- 7#a7 issues ! guidance 
docum5t aft] notice & an opportunity =  
comm5t 9 accordance ) ! requirem5ts = ! 
promulgation ( a rule "u *apt] #e (     
title #e1 ,unit$ ,/ates ,code2 or  7#b7 
be=e ! effective date ( ! guidance      
docum5t1 submits to ,congress a report  
t-- 7,a7 c]tifies t ! guidance docum5t  
is n a rule2 &  7,b7 expla9s 9 detail :y
 ! guidance docum5t does n satisfy !    
def9ition ( a rule4  #f4 ,/udy (        
nonmajor rules  7a7 ,def9itions ,9 ?is  
section-- 7#a7 ! t]m ag5cy has ! mean+  
giv5 t t]m 9 section #eea ( title #e1   
,unit$ ,/ates ,code2  7#b7 ! t]m cov]$  
guidance docum5t means any guidance     
docum5t t has result$ or is likely to   
result 9 an annual effect on ! economy (
 n less ?an #aj1jjj1jjj2  7#c7 ! t]m    
cov]$ nonmajor rule means any rule t has
 result$ 9 or is likely to result 9 an  
annual effect on ! economy ( n less ?an 

#aj1jjj1jjj & n m ?an #ajj1jjj1jjj2     
7#d7 ! t]m guidance docum5t means an    
ag5cy /atem5t ( g5]al applicability &   
future effect1 o!r ?an a rule1 t sets =?
 a policy on a /atutory1 regulatory1 or 
te*nical issue or an int]pretation ( a  
/atutory or regulatory issue2  7#e7 !   
t]m ,f$]al regulatory co/ has ! mean+   
giv5 t t]m "u section #cba ( !          
,congressional ,budget ,act ( #aigd1 z  
add$ by section #b ( ?is ,act2 &  7#f7 !
 t]m rule has ! mean+ giv5 t t]m 9      
section #hjd ( title #e1 ,unit$ ,/ates  
,code4  7b7 ,reports ,n lat] ?an #abj   
days aft] ! date ( enactm5t ( ?is ,act &
 e #b ye>s !reaft]1 ! ,comptroll] ,g5]al
 ( ! ,unit$ ,/ates %all submit to       
,congress a report reg>d+ cov]$ nonmajor
 rules & cov]$ guidance docum5ts1 :i*   
%all include1 = ! #d-ye> p]iod          
imm$iately prec$+ ! report-- 7#a7 !     
numb] ( cov]$ nonmajor rules promulgat$2
  7#b7 ! numb] ( cov]$ nonmajor rules   
implem5t$2  7#c7 ! numb] ( cov]$        
guidance docum5ts develop$2  7#d7 !     

numb] ( cov]$ guidance docum5ts issu$2  
7#e7 ! ,f$]al regulatory co/ ( ea* cov]$
 nonmajor rule implem5t$2  7#f7 ! ,f$]al
 regulatory co/ ( ea* cov]$ guidance    
docum5t issu$2  7#g7 ! aggregate ,f$]al 
regulatory co/ ( all cov]$ nonmajor     
rules implem5t$2  7#h7 ! aggregate      
,f$]al regulatory co/ ( all cov]$       
guidance docum5ts issu$2 &  7#i7 a      
discussion ( any cov]$ nonmajor rule =  
:i* an initial regulatory flexibility   
analysis 0 prep>$ "u section #fjc (     
title #e1 ,unit$ ,/ates ,code1 a f9al   
regulatory flexibility analysis 0 prep>$
 "u section #fjd ( title #e1 ,unit$     
,/ates ,code1 or a co/ b5efit analysis 0
 prep>$ t und]e/imat$ ! actual ,f$]al   
regulatory co/ ( implem5t+ ! cov]$      
nonmajor rule4