Vote Smart's Synopsis:

Vote to pass a bill that prohibits "significant regulatory actions" until the United States unemployment rate is 6 percent or less.

Highlights:

• Prohibits an agency from taking any “significant regulatory action” until the unemployment rate is equal to or less than 6 percent (Sec. 102).

• Defines “significant regulatory action” as any action that is likely to result in a rule or guidance with a fiscal effect of $50 million or more as determined by the Office of Management and Budget, or to adversely affect one of the following, including, but not limited to (Sec. 105):
• The economy;
• Jobs;
• The environment; or
• Public health or safety.

• Authorizes an agency to take a “significant regulatory action” if the President determines by Executive Order that the action is any of the following (Sec. 103):
• Necessary because of an imminent threat to health, safety, or another emergency;
• Necessary for the enforcement of criminal or civil rights laws;
• Necessary for the national security of the United States; or
• Issued pursuant to any statute that implements an international trade agreement.

• Authorizes the President to submit a request for a “significant regulatory action” to Congress for a waiver if the action is not eligible for a Presidential waiver (Sec. 103).

• Prohibits an agency from proposing or finalizing a “midnight rule” that is likely to result in a fiscal effect of $50 million or more as determined by the Office of Management and Budget, or to adversely affect any of the following, including, but not limited to (Sec. 202):
• The economy;
• Jobs;
• The environment; or
• Public health or safety.

• Defines “midnight rule” as any agency statement issued during a specified period of time that is intended to have the force and effect of a law and is designed for one of the following reasons (Sec. 205):
• To implement, interpret, or prescribe law or policy; or
• To describe the procedure or practice requirements of an agency.

• Exempts agencies from the provisions of this bill if a deadline for action meets the following criteria (Sec. 203):
• Is for, relating to, or involving any “midnight rule”;
• Is established before the beginning of the temporary prohibition on “significant regulatory action”; or
• Is required to be taken during the temporary prohibition on “significant regulatory action.”

Full Bill Text

Full Bill Text