,,ii #aafth ,,congress #ast ,session ,s4 #hfi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #bf1 #bjai,mr4 ,portman 7for himself1 ,mr4 ,johnson1 ,ms4 ,collins1 ,ms4 ,ernst1 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 affirm the authority of the ,president to require independent regulatory agencies to comply with regulatory analysis requirements applicable to executive agencies1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,independent ,agency ,regulatory ,analysis ,act4 #b4 ,definitions ,in this ,act-- 7#a7 the term ,administrator means the ,administrator of the ,office of ,information and ,regulatory ,affairs2 7#b7 the term agency has the meaning given the term in section #cejb7a7 of title #dd1 ,united ,states ,code2 7#c7 the term economically significant rule means any rule that the ,administrator determines is likely to-- 7,a7 have an annual effect on the economy of #ajj1jjj1jjj or more2 or 7,b7 adversely affect in a material way the economy1 a sector of the economy1 productivity1 competition1 jobs1 the environment1 public health or safety1 or ,state1 local1 or ,tribal governments or communities2 7#d7 the term independent regulatory agency has the meaning given the term in section #cejb7e7 of title #dd1 ,united ,states ,code2 and 7#e7 the term rule-- 7,a7 means a rule1 as that term is defined in section #eea of title #e1 ,united ,states ,code2 and 7,b7 does not include a rule of the ,board of ,governors of the ,federal ,reserve ,system or the ,federal ,open ,market ,committee relating to monetary policy4 #c4 ,regulatory analysis by independent agencies 7a7 ,in general ,the ,president may by ,executive order require an independent regulatory agency to comply1 to the extent permitted by law1 with regulatory analysis requirements applicable to other agencies1 including the requirements to-- 7#a7 identify the problem that the agency intends to address by a new rule 7including1 where applicable1 the failures of private markets or public institutions that warrant new agency action7 and assess the significance of that problem2 7#b7 examine whether any existing rule 7or other law7 has created1 or contributed to1 the problem that a new rule is intended to correct and whether the existing rule 7or other law7 should be modified to achieve the intended goal of the new rule more effectively2 7#c7 identify and assess available alternatives to direct regulation1 including providing economic incentives to encourage the desired behavior1 or providing information upon which choices can be made by the public2 7#d7 consider to the extent reasonable in setting regulatory priorities1 the degree and nature of the risks posed by various substances or activities within its jurisdiction2 7#e7 design its rules in the most cost-effective manner to achieve the regulatory objective and1 in doing so1 consider incentives for innovation1 consistency1 predictability1 the costs of enforcement and compliance 7to the ,federal ,government1 regulated entities1 and the public71 flexibility1 distributive impacts1 and equity2 7#f7 assess the costs and the benefits of the intended rule and1 recognizing some costs and benefits are difficult to quantify1 propose or adopt a rule only upon a reasoned determination that the benefits of the rule justify its costs2 7#g7 base its rulemaking decisions on the best reasonably obtainable scientific1 technical1 economic1 and other information concerning the need for1 and consequences of1 the intended rule2 7#h7 identify and assess alternative forms of regulation and1 to the extent feasible1 specify performance objectives1 rather than specifying the behavior or manner of compliance that regulated entities must adopt2 7#i7 seek the views of appropriate ,state1 local1 and ,tribal officials before imposing regulatory requirements that might significantly or uniquely affect ,state1 local1 or ,tribal governmental entities1 whenever feasible2 7#aj7 avoid rules that are inconsistent or incompatible with1 or duplicative of1 other rules of the independent regulatory agency or other agencies2 7#aa7 tailor rules to impose the least burden on society1 including individuals1 businesses of differing sizes1 and other entities 7including small communities and governmental entities71 consistent with achieving the regulatory objectives1 and taking into account1 among other factors1 and to the extent practicable1 the cost of cumulative rules2 7#ab7 draft each rule to be simple and easy to understand1 with the goal of minimizing the potential for uncertainty and litigation arising from uncertainty2 and 7#ac7 periodically review its existing economically significant rules to determine whether any such rules should be modified1 streamlined1 expanded1 or repealed so as to make the regulatory program of the agency more effective or less burdensome in achieving the regulatory objectives4 7b7 ,economically significant rules ,for any proposed or final rule identified by an independent regulatory agency as1 or determined by the ,administrator to be1 an economically significant rule1 the ,president may by ,executive order require the independent regulatory agency to provide to the ,administrator and publish with the proposed and final rule the following information1 to the extent permitted by law3 7#a7 ,an assessment1 including the underlying analysis1 of benefits anticipated from the rule together with1 to the extent feasible1 a quantification of those benefits4 7#b7 ,an assessment1 including the underlying analysis1 of costs anticipated from the rule together with1 to the extent feasible1 a quantification of those costs4 7#c7 ,an assessment1 including the underlying analysis1 of costs and benefits of potentially effective and reasonably feasible alternatives to the rule1 identified by the agencies or the public1 including improving existing regulations and reasonably viable nonregulatory actions1 and an explanation of why the planned regulatory action is preferable to the identified potential alternatives4 7c7 ,review by office of information and regulatory affairs 7#a7 ,requirement to seek review ,the ,president may1 by ,executive order1 require an independent regulatory agency to submit to the ,administrator for review-- 7,a7 any proposed economically significant rule1 either prior to publication of the notice of proposed rulemaking or1 if the head of the independent regulatory agency elects1 during the general public comment period2 and 7,b7 any final economically significant rule1 prior to publication of the final rule4 7#b7 ,nonbinding assessment ,an ,executive order issued under this ,act may require that1 not later than #ij days after the independent regulatory agency submits a proposed or final economically significant rule for review1 the ,administrator submit for inclusion in the rulemaking record the assessment of the ,administrator of the extent to which the independent regulatory agency has complied with any of the regulatory analysis requirements made applicable by ,executive order4 7#c7 ,determination and explanation by independent agency ,an ,executive order issued under this ,act may require that1 if the ,administrator concludes under paragraph 7#b7 that the independent regulatory agency did not comply with #a or more requirements of the ,executive order with respect to a proposed or final economically significant rule1 the head of the independent regulatory agency that issued the economically significant rule shall include with the final rule-- 7,a7 a determination that the rule complies with the specified requirement or requirements and an explanation of that determination2 and 7,b7 if applicable1 an explanation why the independent regulatory agency did not comply with one or more of the specified requirements1 based on the statutory provision authorizing the rule4 #d4 ,limitation on judicial review 7a7 ,in general ,the compliance or noncompliance of an independent regulatory agency with the requirements of an ,executive order issued under this ,act shall not be subject to judicial review4 7b7 ,agency record ,when an action for judicial review of a rule promulgated by an independent regulatory agency is instituted1 any determination1 analysis1 or explanation produced by the independent regulatory agency1 and any assessment produced by the ,administrator1 pursuant to an ,executive order issued under this ,act1 shall constitute part of the whole record of agency action in connection with the review4 7c7 ,rule of construction ,nothing in this section shall be construed to bar judicial review of any other impact statement or similar analysis required by any other provision of law if judicial review of the statement or analysis is otherwise permitted by law4 #e4 ,rule of construction ,nothing in this ,act shall be construed to limit the authority of the ,president with respect to independent regulatory agencies under any other applicable law4