,,ii #aaf? ,,congress #a/ ,session ,s4 #hfi ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #bf1 #bjai,mr4 ,portman 7= himself1 ,mr4 ,johnson1 ,ms4 ,coll9s1 ,ms4 ,ern/1 & ,mr4 ,lank=d7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,homel& ,security & ,gov]nm5tal ,affairs ,a ,,bill ,to affirm ! au?ority ( ! ,presid5t to require indep5d5t regulatory ag5cies to comply ) regulatory analysis requirem5ts applicable to executive ag5cies1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,indep5d5t ,ag5cy ,regulatory ,analysis ,act4 #b4 ,def9itions ,9 ?is ,act-- 7#a7 ! t]m ,adm9i/rator means ! ,adm9i/rator ( ! ,(fice ( ,in=mation & ,regulatory ,affairs2 7#b7 ! t]m ag5cy has ! mean+ giv5 ! t]m 9 section #cejb7a7 ( title #dd1 ,unit$ ,/ates ,code2 7#c7 ! t]m economically significant rule means any rule t ! ,adm9i/rator det]m9es is likely to-- 7,a7 h an annual effect on ! economy ( #ajj1jjj1jjj or m2 or 7,b7 adv]sely affect 9 a mat]ial way ! economy1 a sector ( ! economy1 productivity1 competition1 jobs1 ! environm5t1 public heal? or safety1 or ,/ate1 local1 or ,tribal gov]nm5ts or communities2 7#d7 ! t]m indep5d5t regulatory ag5cy has ! mean+ giv5 ! t]m 9 section #cejb7e7 ( title #dd1 ,unit$ ,/ates ,code2 & 7#e7 ! t]m rule-- 7,a7 means a rule1 z t t]m is def9$ 9 section #eea ( title #e1 ,unit$ ,/ates ,code2 & 7,b7 does n include a rule ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em or ! ,f$]al ,op5 ,m>ket ,committee relat+ to monet>y policy4 #c4 ,regulatory analysis by indep5d5t ag5cies 7a7 ,9 g5]al ,! ,presid5t may by ,executive ord] require an indep5d5t regulatory ag5cy to comply1 to ! ext5t p]mitt$ by law1 ) regulatory analysis requirem5ts applicable to o!r ag5cies1 includ+ ! requirem5ts to-- 7#a7 id5tify ! problem t ! ag5cy int5ds to address by a new rule 7includ+1 :]e applicable1 ! failures ( private m>kets or public in/itutions t w>rant new ag5cy action7 & assess ! significance ( t problem2 7#b7 exam9e :e!r any exi/+ rule 7or o!r law7 has creat$1 or contribut$ to1 ! problem t a new rule is int5d$ to correct & :e!r ! exi/+ rule 7or o!r law7 %\ld be modifi$ to a*ieve ! int5d$ goal ( ! new rule m effectively2 7#c7 id5tify & assess available alt]natives to direct regulation1 includ+ provid+ economic inc5tives to enc\rage ! desir$ behavior1 or provid+ in=mation ^u :i* *oices c be made by ! public2 7#d7 consid] to ! ext5t reasonable 9 sett+ regulatory priorities1 ! degree & nature ( ! risks pos$ by v>i\s sub/ances or activities )9 its jurisdiction2 7#e7 design its rules 9 ! mo/ co/-effective mann] to a*ieve ! regulatory objective &1 9 do+ s1 consid] inc5tives = innovation1 consi/5cy1 pr$ictability1 ! co/s ( en=cem5t & compliance 7to ! ,f$]al ,gov]nm5t1 regulat$ entities1 & ! public71 flexibility1 di/ributive impacts1 & equity2 7#f7 assess ! co/s & ! b5efits ( ! int5d$ rule &1 recogniz+ "s co/s & b5efits are difficult to quantify1 propose or adopt a rule only ^u a reason$ det]m9ation t ! b5efits ( ! rule ju/ify its co/s2 7#g7 base its rulemak+ decisions on ! be/ reasonably obta9able sci5tific1 te*nical1 economic1 & o!r in=mation conc]n+ ! ne$ =1 & consequ5ces (1 ! int5d$ rule2 7#h7 id5tify & assess alt]native =ms ( regulation &1 to ! ext5t feasible1 specify p]=mance objectives1 r ?an specify+ ! behavior or mann] ( compliance t regulat$ entities mu/ adopt2 7#i7 seek ! views ( appropriate ,/ate1 local1 & ,tribal (ficials be=e impos+ regulatory requirem5ts t might significantly or uniquely affect ,/ate1 local1 or ,tribal gov]nm5tal entities1 :5ev] feasible2 7#aj7 avoid rules t are inconsi/5t or incompatible )1 or duplicative (1 o!r rules ( ! indep5d5t regulatory ag5cy or o!r ag5cies2 7#aa7 tailor rules to impose ! lea/ burd5 on society1 includ+ individuals1 bus9esses ( diff]+ sizes1 & o!r entities 7includ+ small communities & gov]nm5tal entities71 consi/5t ) a*iev+ ! regulatory objectives1 & tak+ into acc\nt1 among o!r factors1 & to ! ext5t practicable1 ! co/ ( cumulative rules2 7#ab7 draft ea* rule to be simple & easy to und]/&1 ) ! goal ( m9imiz+ ! pot5tial = unc]ta9ty & litigation aris+ f unc]ta9ty2 & 7#ac7 p]iodically review its exi/+ economically significant rules to det]m9e :e!r any su* rules %\ld be modifi$1 /reaml9$1 exp&$1 or repeal$ s z to make ! regulatory program ( ! ag5cy m effective or less burd5some 9 a*iev+ ! regulatory objectives4 7b7 ,economically significant rules ,= any propos$ or f9al rule id5tifi$ by an indep5d5t regulatory ag5cy z1 or det]m9$ by ! ,adm9i/rator to be1 an economically significant rule1 ! ,presid5t may by ,executive ord] require ! indep5d5t regulatory ag5cy to provide to ! ,adm9i/rator & publi% ) ! propos$ & f9al rule ! foll[+ in=mation1 to ! ext5t p]mitt$ by law3 7#a7 ,an assessm5t1 includ+ ! und]ly+ analysis1 ( b5efits anticipat$ f ! rule toge!r )1 to ! ext5t feasible1 a quantification ( ^? b5efits4 7#b7 ,an assessm5t1 includ+ ! und]ly+ analysis1 ( co/s anticipat$ f ! rule toge!r )1 to ! ext5t feasible1 a quantification ( ^? co/s4 7#c7 ,an assessm5t1 includ+ ! und]ly+ analysis1 ( co/s & b5efits ( pot5tially effective & reasonably feasible alt]natives to ! rule1 id5tifi$ by ! ag5cies or ! public1 includ+ improv+ exi/+ regulations & reasonably viable nonregulatory actions1 & an explanation ( :y ! plann$ regulatory action is pref]able to ! id5tifi$ pot5tial alt]natives4 7c7 ,review by (fice ( in=mation & regulatory affairs 7#a7 ,requirem5t to seek review ,! ,presid5t may1 by ,executive ord]1 require an indep5d5t regulatory ag5cy to submit to ! ,adm9i/rator = review-- 7,a7 any propos$ economically significant rule1 ei!r prior to publication ( ! notice ( propos$ rulemak+ or1 if ! head ( ! indep5d5t regulatory ag5cy elects1 dur+ ! g5]al public comm5t p]iod2 & 7,b7 any f9al economically significant rule1 prior to publication ( ! f9al rule4 7#b7 ,nonb9d+ assessm5t ,an ,executive ord] issu$ "u ?is ,act may require t1 n lat] ?an #ij days aft] ! indep5d5t regulatory ag5cy submits a propos$ or f9al economically significant rule = review1 ! ,adm9i/rator submit = inclusion 9 ! rulemak+ record ! assessm5t ( ! ,adm9i/rator ( ! ext5t to :i* ! indep5d5t regulatory ag5cy has compli$ ) any ( ! regulatory analysis requirem5ts made applicable by ,executive ord]4 7#c7 ,det]m9ation & explanation by indep5d5t ag5cy ,an ,executive ord] issu$ "u ?is ,act may require t1 if ! ,adm9i/rator concludes "u p>agraph 7#b7 t ! indep5d5t regulatory ag5cy did n comply ) #a or m requirem5ts ( ! ,executive ord] ) respect to a propos$ or f9al economically significant rule1 ! head ( ! indep5d5t regulatory ag5cy t issu$ ! economically significant rule %all include ) ! f9al rule-- 7,a7 a det]m9ation t ! rule complies ) ! specifi$ requirem5t or requirem5ts & an explanation ( t det]m9ation2 & 7,b7 if applicable1 an explanation :y ! indep5d5t regulatory ag5cy did n comply ) "o or m ( ! specifi$ requirem5ts1 bas$ on ! /atutory provision au?oriz+ ! rule4 #d4 ,limitation on judicial review 7a7 ,9 g5]al ,! compliance or noncompliance ( an indep5d5t regulatory ag5cy ) ! requirem5ts ( an ,executive ord] issu$ "u ?is ,act %all n be subject to judicial review4 7b7 ,ag5cy record ,:5 an action = judicial review ( a rule promulgat$ by an indep5d5t regulatory ag5cy is in/itut$1 any det]m9ation1 analysis1 or explanation produc$ by ! indep5d5t regulatory ag5cy1 & any assessm5t produc$ by ! ,adm9i/rator1 pursuant to an ,executive ord] issu$ "u ?is ,act1 %all con/itute "p ( ! :ole record ( ag5cy action 9 connection ) ! review4 7c7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to b> judicial review ( any o!r impact /atem5t or simil> analysis requir$ by any o!r provision ( law if judicial review ( ! /atem5t or analysis is o!rwise p]mitt$ by law4 #e4 ,rule ( con/ruction ,no?+ 9 ?is ,act %all be con/ru$ to limit ! au?ority ( ! ,presid5t ) respect to indep5d5t regulatory ag5cies "u any o!r applicable law4