,i  #aadth ,,congress  #b;d ,session    
,h4 ,r4 #eeac  ,,in ,,the ,,house ,,of  
,,representatives  ,june #af1 #bjaf ,mr4
 ,graves of ,louisiana 7for himself1    
,mr4 ,cuellar1 ,mr4 ,boustany1 ,mr4     
,abraham1 ,mr4 ,cramer1 ,mr4 ,babin1    
,mr4 ,austin ,scott of ,georgia1 ,mr4   
,bishop of ,michigan1 ,mr4 ,loudermilk1 
,mr4 ,king of ,iowa1 ,mr4 ,rokita1 ,mr4 
,gohmert1 ,mr4 ,hultgren1 ,mr4 ,yoho1   
,mr4 ,dold1 and ,mr4 ,smith of          
,missouri7 introduced the following     
bill2 which was referred to the         
,committee on the ,judiciary  ,a ,,bill 
,to provide for ,federal agency         
accountability and improve the          
effectiveness of major rules in         
accomplishing their regulatory          
objectives by requiring retrospective   
review and report1 and for other        
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,providing          
,retrospective ,observations ,validating
 ,economics and ,increasing             
,transparency ,act of #bjaf or as the   

,,prove ,,it ,act of #bjaf4  #b4        
,incorporating retrospective review for 
new major rules  7a7 ,in general        
,subchapter ,,ii of chapter #e of title 
#e1 ,united ,states ,code1 is amended-- 
7#a7 in section #eea-- 7,a7 in paragraph
 7#ac71 by striking 2 and and inserting 
a semicolon2  7,b7 in paragraph 7#ad71  
by striking the period at the end and   
inserting a semicolon2 and  7,c7 by     
adding at the end the following3  7#ae7 
,administrator means the ,administrator 
of the ,office of ,information and      
,regulatory ,affairs of the ,office of  
,management and ,budget2 and  7#af7     
major rule means any rule that the      
,administrator finds has resulted in or 
is likely to result in-- 7,a7 an annual 
effect on the economy of #ajj1jjj1jjj or
 more2  7,b7 a major increase in costs  
or prices for consumers1 individual     
industries1 ,federal1 ,state1 or local  
government agencies1 or geographic      
regions2 or  7,c7 significant adverse   
effects on competition1 employment1     

investment1 productivity1 innovation1 or
 on the ability of ,united ,states-based
 enterprises to compete with            
foreign-based enterprises in domestic   
and export markets4  2 and  7#b7 in     
section #eec1 by adding at the end the  
following3  7f7 ,regulation-,specific   
frameworks  7#a7 ,in general ,beginning 
#ahj days after the date of enactment of
 this subsection1 when an agency        
publishes a final major rule in the     
,federal ,register1 the agency shall    
publish a report on the benefits and    
costs of the final rule on entities     
whose conduct is regulated by the rule  
in the ,federal ,register biannually    
thereafter while the rule remains in    
effect4 ,the report shall--  7,a7 assess
 the impacts1 including any costs1 of   
the major rule on regulated entities2   
7,b7 include a determination about how  
the actual benefits and costs of the    
major rule has varied from those        
anticipated at the time the major rule  
was issued2  7,c7 assess the            

effectiveness and benefits of the major 
rule in producing the regulatory        
objectives of the major rule2 and  7,d7 
be reviewed by the ,administrator when  
required under ,executive order4  7#b7  
,report to ,congress ,the agency shall  
provide a report to ,congress not later 
than #ij days after the agency makes any
 determination under paragraph 7#a77;,c7
 that the cost to regulated entities has
 exceeded the anticipated cost at the   
time the final rule was issued4         
,agencies shall assess in their report--
  7,a7 whether the major rule is        
accomplishing its regulatory objective2 
and  7,b7 whether the major rule has    
been rendered unnecessary1 taking into  
consideration--  7i7 changes in the     
subject area affected by the major rule2
  7ii7 whether the major rule overlaps1 
duplicates1 or conflicts with other     
rules or1 to the extent feasible1 ,state
 and local government regulations2 and  
7iii7 other alternatives to the major   
rule or modification of the major rule  

could achieve better results while      
imposing a smaller burden on society or 
at a lower cost1 taking into            
consideration any cost already incurred4
  7#c7 ,reopening of public docket ,upon
 delivery of the report required in     
paragraph 7#b7 the agency shall-- 7,a7  
reopen the public docket for #fj days to
 receive additional comments2 and  7,b7 
consider modifications or alternatives  
that reduce costs and increase benefits 
to regulated entities or individuals4   
7#d7 ,rule of construction ,nothing in  
this subsection may be construed to     
affect any other provision of law that  
requires an agency to conduct           
retrospective reviews of rules issued by
 the agency4  4