H.R.3005 - Federal Regulation Reduction, Reform, and Budget Act of 1993103rd Congress (1993-1994)
|Sponsor:||Rep. Smith, Lamar [R-TX-21] (Introduced 08/06/1993)|
|Committees:||House - Government Operations; Judiciary; Rules|
|Latest Action:||11/15/1993 Referred to the Subcommittee on Administrative Law and Governmental Relations. (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.3005 — 103rd Congress (1993-1994)All Bill Information (Except Text)
Introduced in House (08/06/1993)
Federal Regulation Reduction, Reform, and Budget Act of 1993 - Amends the Congressional Budget Act of 1974 to require the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) to jointly report to the President and the Congress on direct costs to the private sector of complying with Federal regulations. Requires such reports to be issued in five-year intervals.
Provides for initial and subsequent annual reports to the President and the Congress on an aggregate regulatory baseline which is a projection of the aggregate direct cost to the private sector of complying with Federal regulations for budget years and outyears.
Requires a concurrent resolution on the budget to include reconciliation directives specifying changes in laws and regulations necessary to reduce such direct costs and to reduce regulatory authority from the aggregate regulatory base. Provides for the allocation of aggregate two-year regulatory authority among congressional committees.
Requires the CBO to submit to the appropriate committees (except the Committees on Appropriations) an analysis of private sector regulatory costs for each public bill or resolution.
Requires the President's annual budget submissions to comply with reconciliation directives.
Amends the Regulatory Flexibility Act to require Federal agencies to prepare an analysis of the costs that will be incurred by small entities, other businesses, and individuals in complying with proposed agency rules. Requires the submission to the Congress and CBO and OMB of a cost estimate and cost benefit analysis of any new proposed regulations that would have an aggregate direct cost to the private sector of at least $10 million for any fiscal year.