Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that requires a joint resolution of approval by Congress regarding a major rule before the rule may take effect.

Highlights:

• Requires a joint resolution of approval by Congress regarding a major rule before the rule may take effect (Sec. 3).

• Defines “major rule” as a rule with any of the following characteristics (Sec. 3):
• The rule has resulted in or is likely to result in an annual effect on the economy of $50 million or more;
• The rule is established by the Administrator of the Environmental Protection Agency and is likely to result in a “significant impact on a substantial number of agricultural entities”;
• The rule implements or provides for the collection of a carbon tax; or
• The rule is established under the Patient Protection and Affordable Care Act.

• Defines “non-major rule” as any rule that is not a major rule (Sec. 3).

• Requires federal agencies to submit reports to Congress and the Comptroller General before putting a rule into effect that contain information including, but not limited to, the following (Sec. 3):  
• A classification and explanation of the classification of the rule as a major or non-major rule; and
• A list including other regulatory actions by any federal agency which will implement the same provisions as the rule and the individual and aggregate economic effects of those regulatory actions; and 
• A complete cost-benefit analysis of the rule.

• Prohibits a major rule from taking effect if a joint resolution of approval is not enacted by Congress after 70 session days or legislative days from the date on which Congress received the report on the rule from the federal agency (Sec. 3).

• Specifies that any major rule may take effect for a 90-calendar day period without a joint resolution of approval if the President determines the rule is necessary due to any of the following circumstances (Sec. 3):
• An imminent threat to health or safety, or other emergency; 
• The enforcement of criminal laws;
• For national security; or
• The rule was issued pursuant to the implementation of an international trade agreement. 

• Specifies that the provisions of this bill do not apply to any rule concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee (Sec. 3).

Full Bill Text

Full Bill Text