,i #aahth ,,congress #ast ,session ,h4 ,r4 #bfa ,,in ,,the ,,house ,,of ,,representatives ,january #aj1 #bjbc,mr4 ,good of ,virginia 7for himself1 ,ms4 ,mace1 ,mrs4 ,miller of ,illinois1 and ,mr4 ,moore of ,alabama7 introduced the following bill2 which was referred to the ,committee on the ,budget1 and in addition to the ,committees on ,rules1 the ,judiciary1 ,oversight and ,accountability1 and ,small ,business1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,congressional ,budget ,act of #aigd to establish a ,federal regulatory budget and to impose cost controls on that budget1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,article ,i ,regulatory ,budget ,act4 #b4 ,president's annual budget submissions ,section #aaje7;a7 of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7#dj7 7,a7 for the first fiscal year that begins at least #abj days after the date of enactment of this paragraph1 and every fiscal year thereafter until the fifth fiscal year that begins after the date of enactment of this paragraph1 a projection of the ,federal regulatory cost of any proposed ,federal regulation1 rule1 or statement 7as such terms are defined in section #cba of the ,congressional ,budget ,act of #aigd7 for the fiscal year and at least each of the #d ensuing fiscal years1 which shall include-- 7i7 the projection of the ,federal regulatory cost by agency and program2 and 7ii7 any changes in a ,federal regulation1 rule1 or statement in the ,unified ,agenda of ,federal ,regulatory and ,deregulatory ,actions1 compiled by the ,regulatory ,information ,service ,center of the ,general ,services ,administration2 and 7,b7 for the fifth fiscal year that begins after the date of enactment of this paragraph1 and every fiscal year thereafter1 a regulatory authority budget analysis of the ,federal regulatory cost of complying with all current and proposed ,federal regulations1 rules1 and statements and proposals 7as such terms are defined in section #cba of the ,congressional ,budget ,act of #aigd7 for complying with section #cbb of the ,congressional ,budget ,act of #aigd for the fiscal year for which the budget is submitted and the #d fiscal years after that year1 which shall include a regulatory authority budget analysis of the ,federal regulatory cost by agency and program4 4 #c4 ,estimation and disclosure of costs of ,federal regulation 7a7 ,costs to private sector of new federal regulations ,chapter #f of title #e1 ,united ,states ,code1 popularly known as the ,regulatory ,flexibility ,act1 is amended-- 7#a7 in section #fjc-- 7,a7 in subsection 7a71 in the second sentence1 by inserting before the period the following3 and shall discuss in detail whether the cost to businesses of complying with the proposed rule will vary depending on the size of the business and1 if so1 to what extent the cost will vary and what factors contribute to the variation2 7,b7 in subsection 7c7-- 7i7 by redesignating paragraphs 7#a71 7#b71 7#c71 and 7#d7 as subparagraphs 7,a71 7,b71 7,c71 and 7,d71 respectively1 and adjusting the margin accordingly2 7ii7 by inserting 7#a7 after 7c72 and 7iii7 by striking ,consistent with the and inserting the following3 7#b7 ,the analysis of significant alternatives to the proposed rule shall include a detailed analysis of the costs and benefits of the proposed rule and each alternative1 which shall separately address the costs and benefits for each industry4 7#c7 ,consistent with the 2 and 7,c7 by adding at the end the following3 7e7 ,each initial regulatory flexibility analysis shall also contain a description of the nature and amount of monetary costs that will be incurred by small entities1 other businesses1 and individuals in complying with the proposed rule4 2 7#b7 in section #fjd7;a7-- 7,a7 in the first paragraph designated as paragraph 7#f7 7relating to minimization of significant economic impacts71 by striking and at the end2 7,b7 by redesignating the second paragraph 7#f7 7relating to covered agencies71 as paragraph 7#h72 and 7,c7 by inserting after paragraph 7#f7 the following3 7#g7 a statement of the nature and amount of monetary costs that will be incurred by small entities1 other businesses1 and individuals in complying with the rule2 and 2 and 7#c7 in section #fjg1 by inserting before the period the following3 1 except that estimates of monetary costs under sections #fjc7;d7 and #fjd7;a77#g7 shall only be in the form of a numerical description4 7b7 ,agency reports ,each agency that prepares an initial regulatory flexibility analysis under chapter #f of title #e1 ,united ,states ,code1 shall1 at the same time submit to each ,house of ,congress1 the ,congressional ,budget ,office1 and the ,office of ,management and ,budget a cost estimate and cost benefit analysis of any new proposed regulations1 rules1 or statements that would have a ,federal regulatory cost 7as defined in section #cba of the ,congressional ,budget ,act of #aigd1 as added by this ,act7 of at least #ajj1jjj1jjj for any fiscal year4 #d4 ,guidance documents 7a7 ,definitions ,in this section-- 7#a7 the terms agency and rule have the meanings given such terms in section #eea of title #e1 ,united ,states ,code2 7#b7 the term guidance document means an agency statement of general applicability and future effect1 other than a rule1 that sets forth a policy on a statutory1 regulatory1 or technical issue or an interpretation of a statutory or regulatory issue2 and 7#c7 the term significant guidance document-- 7,a7 means a guidance document that the ,office of ,management and ,budget determines will be disseminated to regulated entities or the general public and may reasonably be anticipated to-- 7i7 lead to an annual effect of not less than #ajj1jjj1jjj on1 or adversely affect in a material way1 the economy1 a sector of the economy1 productivity1 competition1 jobs1 the environment1 public health or safety1 or ,state1 local1 or tribal governments or communities2 7ii7 create a serious inconsistency or otherwise interfere with an action taken or planned by an agency other than the agency issuing the guidance document2 7iii7 materially alter the budgetary impact of entitlements1 grants1 user fees1 or loan programs or the rights or obligations of recipients thereof2 or 7iv7 raise novel legal or policy issues arising out of legal mandates1 the priorities of the ,president1 or the principles set forth in ,executive ,order #abhff 7#e ,u4,s4,c4 #fja note2 relating to regulatory planning and review72 and 7,b7 does not include a guidance document that the ,office of ,management and ,budget determines-- 7i7 relates to regulations issued in accordance with the formal rulemaking provisions of sections #eef and #eeg of title #e1 ,united ,states ,code2 7ii7 pertains to a military or foreign affairs function of the ,united ,states1 other than procurement regulations and regulations involving the import or export of nondefense articles and services2 7iii7 relates to regulations that are limited to agency organization1 management1 or personnel matters2 or 7iv7 is within a category of guidance documents exempted by the ,administrator of the ,office of ,information and ,regulatory ,affairs4 7b7 ,limitation on guidance documents ,an agency may not issue a significant guidance document unless the agency issues the significant guidance document after notice and an opportunity for comment in accordance with the requirements for the promulgation of a rule under chapter #e of title #e1 ,united ,states ,code4 7c7 ,private right of action ,any person aggrieved of an action taken or failed to be taken under a guidance document that was not issued in accordance with subsection 7b7 may bring a civil action in an appropriate district court of the ,united ,states alleging that the guidance document should have been treated as a significant guidance document4 #e4 ,amendments to the ,congressional ,budget ,act of #aigd 7a7 ,federal regulatory budget cost control system ,title ,,iii of the ,congressional ,budget ,act of #aigd is amended-- 7#a7 by inserting before section #cjj the following3 ,a ,general provisions 2 and 7#b7 by adding at the end the following3 ,b ,federal regulatory budget cost control #cba4 ,definitions ,in this part-- 7#a7 the term ,,cbo means the ,congressional ,budget ,office2 7#b7 the term direct cost of ,federal regulation means all costs incurred by1 and expenditures required of1 the ,federal ,government in issuing and enforcing ,federal regulations1 rules1 and statements and ,federal statutes2 7#c7 the term ,federal regulation1 rule1 or statement-- 7,a7 includes any guidance document issued after notice and an opportunity for comment in accordance with the requirements for the promulgation of a rule under chapter #e of title #e1 ,united ,states ,code2 and 7,b7 does not include-- 7i7 a ,federal regulation1 rule1 or statement applying to-- 7,i7 the military2 or 7,,ii7 agency organization1 management1 or personnel2 or 7ii7 a ,federal regulation1 rule1 or statement designated by the ,president as being-- 7,i7 necessary because of an imminent threat to health or safety or other emergency2 7,,ii7 necessary for the enforcement of criminal laws2 or 7,,iii7 necessary for national security2 7#d7 the term ,federal regulatory cost-- 7,a7 means all costs incurred by1 and expenditures required of1 the private sector1 ,states1 or local governments in complying with any ,federal regulation1 rule1 or statement or any ,federal statute2 and 7,b7 does not include the value of any benefit under the ,federal regulation1 rule1 or statement or the ,federal statute2 7#e7 the term gross domestic product means the gross domestic product of the ,united ,states during a fiscal year1 consistent with ,department of ,commerce definitions2 7#f7 the term ,,omb means the ,office of ,management and ,budget2 and 7#g7 the term regulatory baseline means the projection described in section #cbf7;a7 of the ,federal regulatory cost for the fiscal year after the date of the projection and the outyears4 #cbb4 ,establishment of level and allocations 7a7 ,establishment of level 7#a7 ,in general ,in addition to the requirements under section #cja1 a concurrent resolution on the budget for a fiscal year shall set forth the appropriate level for the ,federal regulatory cost for the fiscal year and for at least each of the #d ensuing fiscal years4 7#b7 ,transition period 7,a7 ,in general ,for the first fiscal year that begins at least #abj days after the date of enactment of this section1 and each fiscal year thereafter until the fiscal year described in section #cbf7;a71 the ,committee on the ,budget of the ,senate and the ,committee on the ,budget of the ,house of ,representatives shall include in the concurrent resolution on the budget for the fiscal year as the appropriate level for the ,federal regulatory cost for the fiscal year and any other fiscal year covered by the resolution the proposed levels submitted by the ,president under section #aaje7;a77#dj7 of title #ca1 ,united ,states ,code4 7,b7 ,amendments 7i7 ,in general ,in the ,senate and the ,house of ,representatives1 it shall not be in order to consider an amendment to a concurrent resolution on the budget that1 if agreed to1 would result in a net increase in a level included pursuant to subparagraph 7,a74 7ii7 ,waiver and appeal ,a point of order under clause 7i7 may only be waived by the affirmative vote of three-fifths of the ,members1 duly chosen and sworn4 ,an affirmative vote of three-fifths of ,members1 duly chosen and sworn1 shall be required to sustain an appeal of the ruling of the ,chair on a point of order raised under clause 7i74 7#c7 ,default total ,if there is not a level for the ,federal regulatory cost that is in effect for a fiscal year under a concurrent resolution on the budget-- 7,a7 for the first fiscal year that begins at least #abj days after the date of enactment of this section1 and every fiscal year thereafter until the fiscal year described in subparagraph 7,b71 the appropriate level for the ,federal regulatory cost for the fiscal year shall be the proposed level submitted by the ,president under section #aaje7;a77#dj7 of title #ca1 ,united ,states ,code2 7,b7 for the fifth fiscal year that begins after the date of enactment of this section1 the appropriate level for the ,federal regulatory cost for the fiscal year shall be the amount of the first regulatory baseline submitted under section #cbf2 and 7,c7 for each fiscal year after the fiscal year described in subparagraph 7,b71 the appropriate level for the ,federal regulatory cost for the fiscal year shall be the level for the most recent fiscal year for which such a level was in effect 7under subparagraph 7,b71 this subparagraph1 or a concurrent resolution on the budget74 7b7 ,allocation of totals 7#a7 ,in general ,for the first fiscal year that begins at least #abj days after the date of enactment of this section1 and each fiscal year thereafter1 the joint explanatory statement accompanying the conference report on a concurrent resolution on the budget for such fiscal year shall include allocations of the ,federal regulatory cost in effect under subsection 7a7 for such fiscal year and at least each of the #d ensuing fiscal years-- 7,a7 among each committee of the ,senate and each committee of the ,house of ,representatives2 7,b7 by major functional category2 and 7,c7 by agency4 7#b7 ,suballocations ,as soon as practicable after receiving an allocation under paragraph 7#a71 each committee shall-- 7,a7 suballocate its allocation-- 7i7 among its subcommittees2 7ii7 among programs over which the committee has jurisdiction2 and 7iii7 by agency2 and 7,b7 submit for printing in the ,congressional ,record a statement detailing each suballocation made by the committee under subparagraph 7,a74 7c7 ,point of order 7#a7 ,in general ,if a concurrent resolution on the budget setting forth the appropriate level for the ,federal regulatory cost for a fiscal year has been agreed to1 it shall not be in order in the ,senate or the ,house of ,representatives to consider any bill or resolution1 or amendment thereto1 which would cause an allocation or suballocation of the ,federal regulatory cost made under subsection 7b7 for that fiscal year to be exceeded4 7#b7 ,waiver and appeal ,a point of order under paragraph 7#a7 may only be waived by the affirmative vote of three-fifths of the ,members1 duly chosen and sworn4 ,an affirmative vote of three-fifths of ,members1 duly chosen and sworn1 shall be required to sustain an appeal of the ruling of the ,chair on a point of order raised under paragraph 7#a74 7d7 ,determinations by budget committees ,for purposes of this section1 the amount of the ,federal regulatory cost for a fiscal year and the amount of the ,federal regulatory cost of a bill or resolution1 or amendment thereto1 shall be determined by the ,committee on the ,budget of the ,senate or the ,committee on the ,budget of the ,house of ,representatives1 as the case may be4 #cbc4 ,analysis of ,federal regulatory cost by ,congressional ,budget ,office 7a7 ,in general ,,cbo shall prepare for each bill or resolution of a public character reported by any committee of the ,senate or the ,house of ,representatives 7except the ,committee on ,appropriations of each ,house71 and submit to such committee-- 7#a7 an estimate of the costs which would be incurred by the private sector in carrying out or complying with such bill or resolution in the fiscal year in which it is to become effective and in each of the #d fiscal years following such fiscal year1 which shall include-- 7,a7 a net present value estimate of the cost of compliance by the private sector with such bill or resolution2 and 7,b7 a discussion of the methodology used to prepare1 and the basis for1 each such estimate2 and 7#b7 a comparison of the estimate of costs described in paragraph 7#a7 with any available estimates of costs made by such committee or by any agency4 7b7 ,look-,back reviews ,,cbo shall periodically submit to ,congress a report1 prepared in consultation with the ,chairman of the ,administrative ,conference of the ,united ,states1 that-- 7#a7 reviews a sample of laws of a public character for which an estimate was prepared under subsection 7a77#a72 and 7#b7 compares the estimates of the costs described in paragraphs 7#a7 and 7#b7 of subsection 7a7 and the actual costs incurred by the private sector in carrying out or complying with the law in the fiscal year in which it took effect and in each of the #d fiscal years following such fiscal year4 #cbd4 ,enforcement 7a7 ,enforcement language required in appropriation acts ,if a concurrent resolution on the budget that includes levels and allocations of the ,federal regulatory cost for a fiscal year has been agreed to1 it shall not be in order in the ,senate or the ,house of ,representatives to consider a bill1 joint resolution1 amendment between the ,houses1 or conference report making appropriations for the fiscal year that does not include a provision prohibiting amounts made available under the measure from being obligated or expended to enforce a ,federal regulation1 rule1 or statement that would cause a breach of any level or allocation of the ,federal regulatory cost in effect for a fiscal year4 7b7 ,waiver and appeal ,subsection 7a7 may be waived or suspended in the ,senate only by an affirmative vote of two-thirds of the ,members1 duly chosen and sworn4 ,an affirmative vote of two-thirds of the ,members of the ,senate1 duly chosen and sworn1 shall be required to sustain an appeal of the ruling of the ,chair on a point of order raised under subsection 7a74 7c7 ,review of cost 7#a7 ,determinations of cost 7,a7 ,,bea determination ,the ,bureau of ,economic ,analysis of the ,department of ,commerce shall determine the change in the ,federal regulatory cost attributable to each newly promulgated1 or amendment to a1 ,federal regulation1 rule1 or statement4 7,b7 ,guidance for agencies ,the ,bureau of ,economic ,analysis of the ,department of ,commerce shall issue guidance to agencies regarding the methodology to be used to determine the amount of1 and any change in1 the ,federal regulatory cost attributable to each newly promulgated1 or amendment to a1 ,federal regulation1 rule1 or statement4 7,c7 ,mandatory use by agencies ,for purposes of any analysis conducted by an agency 7without regard to whether the analysis is conducted for purposes of this ,act71 each agency shall determine the amount of1 and any change in1 the ,federal regulatory cost attributable to each newly promulgated1 or amendment to a1 ,federal regulation1 rule1 or statement in accordance with the guidance issued under subparagraph 7,b74 7#b7 ,,omb determination ,the ,,omb shall determine whether the change in the ,federal regulatory cost determined under paragraph 7#a7 would cause a breach of any level or allocation of the ,federal regulatory cost in effect for a fiscal year1 which shall incorporate any reduction to the level or allocation of the ,federal regulatory cost attributable to a revision of a ,federal regulation1 rule1 or statement during the fiscal year4 7#c7 ,,cbo review ,the ,,cbo shall-- 7,a7 review the methodology used by the ,bureau of ,economic ,analysis and the ,,omb for each determination under paragraphs 7#a7 and 7#b72 and 7,b7 issue an opinion on whether the change in the ,federal regulatory cost attributable to the applicable newly promulgated1 or amendment to a1 ,federal regulation1 rule1 or statement would cause a breach of any level or allocation of the ,federal regulatory cost in effect for a fiscal year4 7d7 ,implementation ,the ,,omb shall issue a directive prohibiting funds from being obligated or expended to enforce a newly promulgated1 or amendment to a1 ,federal regulation1 rule1 or statement during a fiscal year if-- 7#a7 the ,,omb determines that change in the ,federal regulatory cost attributable to the newly promulgated1 or amendment to a1 ,federal regulation1 rule1 or statement1 as determined by the ,bureau of ,economic ,analysis under subsection 7c77#a71 would cause a breach of any level or allocation of the ,federal regulatory cost in effect for the fiscal year2 and 7#b7 the appropriation ,act making the applicable appropriations for the fiscal year contains a provision described in subsection 7a74 7e7 ,offsetting savings ,in making determinations under this section with respect to a newly promulgated1 or amendment to a1 ,federal regulation1 rule1 or statement1 the ,bureau of ,economic ,analysis1 the ,,cbo1 and the ,,omb shall subtract from the amount of the ,federal regulatory cost1 and any applicable allocation thereof1 any reduction to the ,federal regulatory cost that is attributable to a revision of another ,federal regulation1 rule1 or statement made as part of the same rulemaking4 7f7 ,private right of action ,any person aggrieved of an action taken or failed to be taken under a ,federal regulation1 rule1 or statement for which the ,,omb has issued a directive prohibiting enforcement under subsection 7d7 may bring a civil action in an appropriate district court of the ,united ,states alleging that the ,federal regulation1 rule1 or statement should not have been enforced4 #cbe4 ,,omb-,,cbo reports ,not later than #e years after the date of enactment of this section1 and not later than ,september #aeth of each odd-numbered year thereafter1 ,,omb and ,,cbo shall jointly submit to the ,president1 the ,senate1 and the ,house of ,representatives a report that includes-- 7#a7 a projection of the direct cost of ,federal regulation and the ,federal regulatory cost for the first fiscal year beginning after the date of the report and at least each of the #d ensuing fiscal years2 7#b7 a calculation of the estimated direct cost of ,federal regulation and ,federal regulatory cost as a percentage of the gross domestic product2 7#c7 the reduction in estimated gross domestic product attributable to private sector compliance with all ,federal regulations1 rules1 or statements and all ,federal statutes2 7#d7 a detailed description of the effect on the economy of the ,united ,states of ,federal regulations1 rules1 and statements and ,federal statutes1 which shall be categorized as relating to-- 7,a7 regulation of the economy2 7,b7 security1 including homeland security2 7,c7 the environment2 7,d7 health and safety2 or 7,e7 the ,federal budget2 7#e7 a discussion of the expected reduction in personnel1 administrative overhead1 and programmatic costs that would be achieved by ,federal agencies that issue regulations1 rules1 or statements with a ,federal regulatory cost if the ,federal agencies reduced the ,federal regulatory cost by #e percent2 7#f7 recommendations for budgeting1 technical1 and estimating changes to improve the ,federal regulatory budgeting process2 7#g7 the ,federal regulatory cost imposed by each ,executive branch agency on regulated entities2 7#h7 the direct cost of ,federal regulation attributable to each ,executive branch agency2 7#i7 the ,federal regulatory costs imposed by each ,executive branch agency on small businesses1 small organizations1 and small governmental jurisdictions 7as those terms are defined in section #fja of title #e1 ,united ,states ,code72 and 7#aj7 the sum of the costs described in paragraph 7#i74 #cbf4 ,regulatory baseline 7a7 ,in general ,for the fifth fiscal year that begins after the date of enactment of this section and for every second fiscal year thereafter1 ,,cbo1 in consultation with ,,omb1 shall submit to the ,president1 the ,senate1 and the ,house of ,representatives a regulatory baseline1 consisting of a projection of the ,federal regulatory cost for the fiscal year and at least each of the #d ensuing fiscal years4 ,in preparing the projection of the regulatory baseline under this subsection1 for the second fiscal year covered under the projection and each fiscal year thereafter1 ,,cbo shall adjust the baseline for the estimated growth during that fiscal year in the gross domestic product4 7b7 ,deadline ,the ,,cbo shall submit a regulatory baseline required under subsection 7a7 for a fiscal year not later than the date on which the ,,cbo submits the report required under section #bjb7;e77#a7 with respect to that fiscal year4 7c7 ,regular updates on development of regulatory baseline ,not later than the date on which the ,,cbo submits the report required under section #bjb7;e77#a7 with respect to each fiscal year during the period beginning on the date of enactment of this section and ending on the date on which the ,,cbo submits the first projection of the ,federal regulatory cost under subsection 7a71 the ,,cbo shall submit to the ,committee on the ,budget of the ,senate and the ,committee on the ,budget of the ,house of ,representatives an annual update on the progress of the ,,cbo in developing the regulatory baseline4 4 7b7 ,technical and conforming amendment ,the table of contents set forth in section #a7;b7 of the ,congressional ,budget and ,impoundment ,control ,act of #aigd is amended-- 7#a7 by inserting before the item relating to section #cjj the following3 ,part ,a4 ,general provisions 2 and 7#b7 by inserting after the item relating to section #cae the following3 ,part ,b4 ,federal regulatory budget cost control ,sec4 #cba4 ,definitions4 ,sec4 #cbb4 ,establishment of level and allocations4 ,sec4 #cbc4 ,analysis of ,federal regulatory cost by ,congressional ,budget ,office4 ,sec4 #cbd4 ,enforcement4 ,sec4 #cbe4 ,,omb-,,cbo reports4 ,sec4 #cbf4 ,regulatory baseline4 4 #f4 ,study of nonmajor rules 7a7 ,definitions ,in this section-- 7#a7 the term agency has the meaning given that term in section #eea of title #e1 ,united ,states ,code2 7#b7 the term covered guidance document means any guidance document that has resulted or is likely to result in an annual effect on the economy of not less than #aj1jjj1jjj2 7#c7 the term covered nonmajor rule means any rule that has resulted in or is likely to result in an annual effect on the economy of not less than #aj1jjj1jjj and not more than #ajj1jjj1jjj2 7#d7 the term guidance document means an agency statement of general applicability and future effect1 other than a rule1 that sets forth a policy on a statutory1 regulatory1 or technical issue or an interpretation of a statutory or regulatory issue2 7#e7 the term ,federal regulatory cost has the meaning given that term under section #cba of the ,congressional ,budget ,act of #aigd1 as added by this ,act2 and 7#f7 the term rule has the meaning given that term in section #hjd of title #e1 ,united ,states ,code4 7b7 ,reports ,not later than #abj days after the date of enactment of this ,act and every #b years thereafter1 the ,comptroller ,general of the ,united ,states shall submit to ,congress a report regarding covered nonmajor rules and covered guidance documents1 which shall include1 for the #d-year period immediately preceding the report-- 7#a7 the number of covered nonmajor rules promulgated2 7#b7 the number of covered nonmajor rules implemented2 7#c7 the number of covered guidance documents developed2 7#d7 the number of covered guidance documents issued2 7#e7 the ,federal regulatory cost of each covered nonmajor rule implemented2 7#f7 the ,federal regulatory cost of each covered guidance document issued2 7#g7 the aggregate ,federal regulatory cost of all covered nonmajor rules implemented2 7#h7 the aggregate ,federal regulatory cost of all covered guidance documents issued2 and 7#i7 a discussion of any covered nonmajor rule for which an initial regulatory flexibility analysis was prepared under section #fjc of title #e1 ,united ,states ,code1 a final regulatory flexibility analysis was prepared under section #fjd of title #e1 ,united ,states ,code1 or a cost benefit analysis was prepared that underestimated the actual ,federal regulatory cost of implementing the covered nonmajor rule4