,,ii  #aaith ,,congress  #ast ,session  
,s4 #adh  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,january #ag1       
#bjbe,ms4 ,ernst 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 prohibit the use of non-monetized or
 unqualified factors for regulatory     
analyses1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,regulations ,evaluated to          
,determine ,the ,anticipated ,price and 
,effect ,act or the ,,red ,,tape ,act4  
#b4 ,findings ,congress finds that      
agencies must prioritize tangible1      
immediately quantifiable monetary       
benefits in their decision making       
processes1 ensuring regulatory actions  
yield clear and measurable financial    
benefits to the public and private      
sectors while minimizing unnecessary    
regulatory costs or burdens4  #c4       
,prohibition on net benefit discounts2  

consideration of regulatory impact      
analyses  7a7 ,in general ,chapter #f of
 title #e1 ,united ,states ,code1 is    
amended-- 7#a7 in section #fja-- 7,a7 in
 paragraph 7#f71 by striking and at the 
end2  7,b7 in paragraph 7#g71 by        
striking the period at the end and      
inserting a semicolon2 and  7,c7 by     
adding at the end the following3  7#h7  
the term benefit-cost analysis has the  
meaning given the term in ,office of    
,management and ,budget ,circular       
,a-#id1 as revised on ,november #i1     
#bjbc1 or any successor revision2 and   
7#i7 the term regulatory impact analysis
 means a regulatory analysis described  
in-- 7,a7 ,executive ,order #abhff 7#e  
,u4,s4,c4 #fja note2 relating to        
regulatory planning and review72  7,b7  
,executive ,order #acefc 7#e ,u4,s4,c4  
#fja note2 relating to improving        
regulation and regulatory review72  7,c7
 ,executive ,order #adjid 7#hh ,fed4    
,reg4 #bahgi2 relating to modernizing   
regulatory review72  7,d7 ,office of    

,management and ,budget ,circular ,no4  
,a-#d1 as revised on ,november #i1      
#bjbc1 or any successor revision2 or    
7,e7 ,office of ,management and ,budget 
,circular ,no4 ,a-#id1 as revised on    
,november #i1 #bjbc1 or any successor   
revision4  2 and  7#b7 by adding at the 
end the following3  #fac4 ,prohibition  
on use of non-monetized or unqualified  
factors for regulatory analyses  7a7    
,agency prohibition ,an agency may not  
consider any non-monetized or           
unquantified factor when conducting a   
regulatory impact analysis or           
benefit-cost analysis on any proposed   
rule1 final rule1 or interim final rule4
  7b7 ,,omb prohibition ,the ,office of 
,management and ,budget may not-- 7#a7  
authorize in any manner1 such as in     
issuing guidance1 a memorandum1 a       
directive1 or a rule that permit or     
endorse the analysis or use of any      
non-monetized or unquantified factor    
when conducting a regulatory impact     
analysis or benefit-cost analysis on any

 proposed rule1 final rule1 or interim  
final rule2 or  7#b7 consider any       
non-monetized or unquantified factor    
presented in a regulatory impact        
analysis or benefit-cost analysis of    
another agency4  7c7 ,public            
transparency ,each agency shall publish 
in the ,federal ,register1 with respect 
to and along with each proposed rule1   
final rule1 or interim final rule-- 7#a7
 a summary of each regulatory impact    
analysis and benefit-cost analysis      
conducted by the agency2  7#b7 the text 
of each regulatory impact analysis and  
benefit-cost analysis conducted by the  
agency1 including a disclosure of the   
methodology and specific analyses used  
by the agency in estimating economic    
impacts1 and the determination and      
rationale of such economic impact       
analyses2 and  7#c7 any additional      
information of the agency relevant to   
the regulatory impact and benefit-cost  
analyses conducted by the agency1 such  
as the decision-making processes of the 

agency4  7d7 ,regulatory guidance ,not  
later than #ij days after the date of   
enactment of this section1 the ,director
 of the ,office of ,management and      
,budget shall issue revised guidance to 
agencies to ensure compliance with the  
provisions of this section4  7e7        
,judicial review  7#a7 ,in general ,any 
party affected by a rule issued by an   
agency that considered a non-monetized  
or unquantified factor when conducting a
 regulatory impact or benefit-cost      
analysis in violation of this section   
may bring a civil action against the    
agency to challenge the rule in a       
district court of the ,united ,states4  
7#b7 ,invalidation of regulation ,if the
 court finds that an agency relied upon 
non-monetized or unquantified factors to
 evaluate a final rule or interim final 
rule in contravention of this section1  
the court shall declare the rule        
invalid4  7#c7 ,statute of limitations  
,this subsection shall apply with       
respect to any rule issued by an agency 

on or after ,november #i1 #bjbc4  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 ,prohibition on use of
 non-monetized or unquantified factors  
for regulatory analyses4  4  #d4        
,effective date ,the amendments made by 
section #c shall take effect on the date
 that is #cj days after the date of     
enactment of this ,act4