Vote to pass a bill that prohibits major regulations issued by a federal agency from taking effect unless Congress passes a joint resolution approving the regulation.
Prohibits a major rule issued by a federal agency from taking effect unless Congress enacts a joint resolution explicitly approving the rule, whereas under existing law a rule takes effect unless Congress enacts a joint resolution disapproving the rule (Sec. 3).
Defines "major rule" to mean any rule that the Office of Management and Budget finds has resulted in, or is likely to result in, the following (Sec. 3):
An annual effect on the economy of at least $100 million;
"Major increases" in costs or prices;
"Significant adverse effects" on competition, employment, investment, productivity, or innovation; or
"Significant adverse effects" on the ability of United States-based enterprises to compete with foreign-based enterprises.
Authorizes the president to issue an executive order exempting a major rule from the provisions requiring congressional approval for a period of 90 days if the president determines the rule is necessary for at least one of the following (Sec. 3):
Because of an "imminent threat" to health or safety;
Enforcing criminal laws; or
Implementing an international trade agreement.
Specifies that the provisions requiring congressional approval of proposed rules do not apply to monetary policy and rules proposed or implemented by the Federal Reserve or the Federal Open Market Committee (Sec. 3).