,,ii #aadth ,,congress #ast ,session ,s4 #ahag ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #ba1 #bjae ,ms4 ,heitkamp 7for herself and ,mr4 ,lankford7 introduced the following bill2 which was read twice and referred to the ,committee on ,homeland ,security and ,governmental ,affairs ,a ,,bill ,to improve the effectiveness of major rules in accomplishing their regulatory objectives by promoting retrospective review1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,smarter ,regulations ,through ,advance ,planning and ,review ,act of #bjae or the ,smarter ,regs ,act of #bjae4 #b4 ,incorporating retrospective review into 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 proposed or final major rule in the ,federal ,register1 the agency shall include a framework for reassessing the major rule under paragraph 7#b71 which shall include-- 7,a7 a clear statement of the regulatory objectives of the major rule1 including the societal benefit and cost of the major rule2 7,b7 the methodology by which the agency plans to analyze the major rule1 including metrics by which the agency can measure-- 7i7 the effectiveness and benefits of the major rule in producing the regulatory objectives of the major rule2 and 7ii7 the impacts1 including any costs1 of the major rule on regulated entities2 7,c7 a plan for gathering data regarding the metrics described in subparagraph 7,b7 on an ongoing basis1 or at periodic times1 during the implementation of the major rule1 including the method by which the agency will invite the public to participate in the review process and seek input from other agencies1 taking into account any burden to the public in supplying relevant data to agencies2 and 7,d7 a specific time frame1 as appropriate to the major rule and not more than #aj years1 under which the agency shall conduct the reassessment of the major rule in accordance with paragraph 7#b77;,a74 7#b7 ,reassessment 7,a7 ,in general ,each agency shall assess the data collected under paragraph 7#a77;,c71 using the methodology set forth in paragraph 7#a77;,b71 with respect to a major rule-- 7i7 to analyze how the actual benefits and costs of the major rule may have varied from those anticipated at the time the major rule was issued2 and 7ii7 to determine whether-- 7,i7 the major rule is accomplishing its regulatory objective2 7,,ii7 the major rule has been rendered unnecessary1 taking into consideration-- 7aa7 changes in the subject area affected by the major rule2 and 7bb7 whether the major rule overlaps1 duplicates1 or conflicts with other rules or1 to the extent feasible1 ,state and local government regulations2 and 7,,iii7 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,b7 ,subsequent assessments ,if1 after a reassessment of a major rule under subparagraph 7,a71 an agency determines that the major rule will remain in effect with or without modification1 the agency shall-- 7i7 determine a specific time1 as appropriate to the major rule and not more than #aj years1 under which the agency shall conduct another assessment of the major rule in accordance with subparagraph 7,a72 and 7ii7 if the assessment conducted under clause 7i7 does not result in a repeal of the major rule1 periodically reassess the major rule in accordance with subparagraph 7,a7 to ensure the major rule continues to meet the regulatory objective4 7,c7 ,publication ,not later than #ahj days after the date on which an agency completes a reassessment of a major rule under subparagraph 7,a71 the agency shall publish a notice of availability of the results of the reassessment in the ,federal ,register1 including the specific time for any subsequent assessment of the major rule under subparagraph 7,b77i71 if applicable4 7#c7 ,,omb oversight ,the ,administrator shall-- 7,a7 issue guidance for agencies regarding the development of the framework under paragraph 7#a7 and the conduct of the reassessments under paragraph 7#b77;,a72 7,b7 oversee the timely compliance of agencies with this subsection2 and 7,c7 ensure that the results of each reassessment conducted under paragraph 7#b77;,a7 are-- 7i7 published promptly on a centralized ,federal website2 and 7ii7 noticed in the ,federal ,register in accordance with paragraph 7#b77;,c74 7#d7 ,rule of construction ,nothing in this subsection shall be construed to affect-- 7,a7 the authority of an agency to reassess or modify a major rule of the agency earlier than the end of the time frame specified for the major rule under paragraph 7#a77;,d72 or 7,b7 any other provision of law that requires an agency to conduct retrospective reviews of rules issued by the agency4 4 7b7 ,authorization of appropriations ,there are authorized to be appropriated such sums as may be necessary to carry out the amendments made by subsection 7a74