Vote Smart's Synopsis:

Vote to pass a bill that requires Congress to approve all new major federal regulations.

Highlights:

• Requires a federal agency establishing a rule to submit to each chamber of Congress and to the Comptroller General a cost-benefit analysis of the rule and a report to contain information including, but not limited to, the following items (Sec. 3):
• A copy of the rule;
• A concise general statement relating to the rule;
• A classification of the rule as a major or nonmajor rule, including a detailed explanation; and
• A list of any other related regulatory activities intended to implement the same statutory provision or objective, as well as the individual and aggregate economic effects of those actions.

• Requires Congress to approve or reject all “major rules” via joint resolution within 70 session or legislative days, or the rule is deemed not approved and shall not take effect (Sec. 3).

• Defines “major rule” as any rule that meets 1 or more of the following conditions (Sec. 3):
• The rule is likely to result in an annual effect of $100 million or more on the economy;
• The rule is likely to result in a major increase in costs or prices for consumers, individual industries, federal, state, or local government agencies, or geographic regions;
• The rule is likely to cause significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of U.S. enterprises to compete with foreign enterprises; or
• The rule is made under the Patient Protection and Affordable Care Act.

• Authorizes Congress to vote to reject a nonmajor rule via joint resolution within 60 days of the date on which the rule report was received by Congress (Sec. 3).

• Authorizes the President to enforce a major rule by executive order for a 90-day period if at least 1 of the following conditions is met (Sec. 3):
• The rule is necessary because of an imminent threat to health or safety or other emergency;
• The rule is necessary for the enforcement of criminal laws;
• The rule is necessary for national security; or
• The rule is issued pursuant to any statute implementing an international trade agreement.

• Prohibits judicial review of any determination, finding, action, or omission under this bill (Sec. 3).

Full Bill Text

Full Bill Text