,,ii #aahth ,,congress #ast ,session ,s4 #hci ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #af1 #bjbc,mr4 ,thune 7for himself 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 require agencies to complete a regulatory impact analysis before issuing a significant rule1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,regulatory ,transparency ,act of #bjbc4 #b4 ,definitions ,section #fja of title #e1 ,united ,states ,code1 is amended-- 7#a7 in paragraph 7#f71 by striking and at the end2 7#b7 in paragraph 7#g7 by striking the period at the end and inserting a semicolon2 7#c7 in paragraph 7#h7-- 7,a7 by striking ,recordkeeping requirement4--,the and inserting the2 and 7,b7 by striking the period at the end and inserting 2 and2 and 7#d7 by adding at the end the following3 7#i7 the term significant rule means any final rule that the ,administrator of the ,office of ,information and ,regulatory ,affairs of the ,office of ,management and ,budget determines is likely to-- 7,a7 have an annual effect on the economy of #ajj1jjj1jjj or more or 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,b7 create a significant inconsistency or otherwise interfere with an action taken or planned by another ,federal agency2 7,c7 materially alter the budgetary impact of entitlements1 grants1 user fees1 or loan programs or the rights and obligations of recipients thereof2 or 7,d7 raise novel legal or policy issues4 4 #c4 ,regulatory impact analyses2 consideration of sunset dates 7a7 ,in general ,chapter #f of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 #fac4 ,regulatory impact analyses 7a7 ,in general ,before issuing any proposed rule1 final rule1 or interim final rule that meets the economic threshold of a significant rule described in section #fja7i77;,a71 an agency shall conduct a regulatory impact analysis to evaluate the proposed rule1 final rule1 or interim final rule1 as applicable4 7b7 ,regulatory impact analyses ,an analysis under subsection 7a7 shall-- 7#a7 be based upon the best reasonably obtainable supporting information1 consistent with ,executive ,order #abhff 7#e ,u4,s4,c4 #fja note2 relating to regulatory planning and review7 and any other relevant guidance from the ,office of ,management and ,budget2 7#b7 be transparent1 replicable1 and objective2 7#c7 describe the need to be addressed and how the rule would address that need2 7#d7 analyze the potential effects1 including the benefits and costs1 of the rule2 7#e7 to the maximum extent practicable1 consider the cumulative regulatory burden on the regulated entity under subsection 7c72 7#f7 consider the potential effects on different types and sizes of businesses1 if applicable2 7#g7 for a proposed rule that is likely to lead to a significant rule1 or a final or interim final rule that is a significant rule-- 7,a7 describe the need to be addressed1 including-- 7i7 the supporting information demonstrating the need2 7ii7 the failures of private markets that warrant new agency action1 if applicable2 and 7iii7 whether existing law1 including regulations1 has created or contributed to the need2 7,b7 define the baseline for the analysis2 7,c7 set the timeframe of the analysis2 7,d7 analyze any available regulatory alternatives1 including-- 7i7 if rulemaking is not specifically directed by statute1 the alternative of not regulating2 7ii7 any alternatives that specify performance objectives rather than identify or require the specific manner of compliance that regulated entities must adopt2 7iii7 any alternatives that involve the deployment of innovative technology or practices2 and 7iv7 any alternatives that involve different requirements for different types or sizes of businesses1 if applicable2 7,e7 identify the effects of the available regulatory alternatives described in subparagraph 7,d72 7,f7 identify the effectiveness of tort law to address the identified need2 7,g7 to the maximum extent practicable1 quantify and monetize the benefits and costs of the selected regulatory alternative and the available alternatives under consideration2 7,h7 discount future benefits and costs quantified and monetized under subparagraph 7,g72 7,i7 to the maximum extent practicable1 evaluate non-quantified and non-monetized benefits and costs of the selected regulatory alternative and the available alternatives under consideration2 and 7,j7 characterize any uncertainty in benefits1 costs1 and net benefits4 7c7 ,cumulative regulatory burden ,in considering the cumulative regulatory burden under subsection 7b77#e71 an agency shall-- 7#a7 identify and assess the benefits and costs of other regulations require compliance by the same regulated entities to attempt to achieve similar regulatory objectives2 7#b7 evaluate whether the rule is inconsistent with1 incompatible with1 or duplicative of other regulations2 and 7#c7 consider whether the estimated benefits and costs of the rule increase or decrease as a result of other regulations issued by the agency1 including regulations that are not yet fully implemented1 compared to the benefits and costs of that rule in the absence of such regulations4 7d7 ,less burdensome alternatives ,if1 after conducting an analysis under subsection 7a7 for a proposed rule that is likely to lead to a significant rule1 or a final rule or interim final that is a significant rule1 the agency selects a regulatory approach that is not the least burdensome compared to an available regulatory alternative1 the agency shall include-- 7#a7 in the summary section of the preamble a statement that the selected approach is more burdensome than an available regulatory alternative2 and 7#b7 a justification1 with supporting information1 for the selected approach4 7e7 ,regulatory determination 7#a7 ,in general ,except as expressly provided otherwise by law1 an agency may issue a proposed rule1 final rule1 or interim final rule only upon a reasoned determination that the benefits of the rule justify the costs of the rule4 7#b7 ,requirements 7,a7 ,alternative ,whenever an agency is expressly required by law to issue a rule1 the agency shall select a regulatory alternative that has benefits that exceed costs and complies with law4 7,b7 ,compliance ,if it is not possible to comply with the law by selecting a regulatory alternative that has benefits that exceed costs1 an agency shall select the regulatory alternative that has the least costs and complies with law4 #fad4 ,consideration of sunset dates 7a7 ,sunset ,not later than ,july #a1 #bjbc1 an agency shall1 for each proposed rule or interim final rule of the agency that meets the economic threshold of a significant rule described in section #fja7i77;,a71 include an explicit consideration of a sunset date for the rule4 7b7 ,elements ,the consideration described in subsection 7a7 for a proposed rule or interim final rule described in that subsection shall include an assessment of whether the rule-- 7#a7 could become outmoded or outdated in light of changed circumstances1 including the availability of new technologies2 or 7#b7 could become excessively burdensome after a period of time due to1 among other things-- 7,a7 disproportionate costs on small businesses2 7,b7 the net effect on employment1 including jobs added or lost in the private sector2 and 7,c7 costs that exceed benefits4 7c7 ,publication ,a summary of the consideration described in subsection 7a7 for a proposed rule or interim final rule described in that subsection shall be published in the ,federal ,register along with the proposed or interim final rule1 as applicable4 4 7b7 ,technical and conforming amendment ,the table of sections for chapter #f of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 #fac4 ,regulatory impact analyses4#fad4 ,consideration of sunset dates4 4 #d4 ,judicial review ,section #faa7;a7 of title #e1 ,united ,states ,code1 is amended1 in paragraphs 7#a7 and 7#b71 by striking and #faj and inserting #faj1 and #fac4