Summary: H.R.1074 — 106th Congress (1999-2000)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (07/26/1999)

Regulatory Right-to-Know Act of 1999 - Directs the President, acting through the Director of the Office of Management and Budget, to submit annually to the Congress an accounting statement and associated report containing an estimate of the total annual costs and benefits of Federal regulatory programs in the aggregate; by agency, agency program, and program component; and by major rule. Requires the Director, in addition, to include in the accounting statement: (1) an analysis of impacts of Federal rules and paperwork on Federal, State, local, and tribal government, the private sector, small business, wages, consumer prices, economic growth, as well as on public health, public safety, the environment, consumer protection, equal opportunity, and other public policy goals; (2) an identification and analysis of overlaps, duplications, and potential inconsistencies among such programs; and (3) recommendations to reform inefficient or ineffective regulatory programs or program components, including recommendations for addressing market failures that are not adequately addressed by such existing programs or program components. Requires the Director, in estimates contained in any submission, to quantify the net benefits or net costs of each program component, each major rule, and each option for which costs and benefits were included in any regulatory impact analysis issued for any major rule. Requires the Director to include in each submission a table stating the number of major and nonmajor rules issued by each agency in the preceding fiscal year.

Requires the accounting statement, at a minimum, to: (1) cover expected costs and benefits for the fiscal year for which the statement is submitted and the four following fiscal years; (2) cover previously expected costs and benefits for the two preceding fiscal years, or the most recent revision of such costs and benefits; and (3) with respect to each major rule, include the estimates of costs and benefits for each of the fiscal years referred to that were included in the regulatory impact analysis that was prepared for such major rule.

Prohibits the application of certain requirements under this Act with respect to the first and second accounting statements.

Requires the Director to: (1) issue guidelines to agencies to standardize most plausible measures of costs and benefits, the means of gathering information used to prepare the accounting statements under this Act, including information required for impact analyses, and the format of information provided for accounting statements, including summary tables; and (2) review agency submissions for consistency with such guidelines.

Requires the Director: (1) before submitting the statement and report and before preparing final guidelines, to provide public notice and an opportunity to comment and to consult with the Director of the Congressional Budget Office; and (2) to include an appendix to the report or guidelines, respectively, addressing public and peer review comments.

Directs the Director to arrange for two or more persons that have nationally recognized expertise in regulatory analysis and regulatory accounting to provide peer review of each accounting statement and associated report and the guidelines before such statement, report, or guidelines are final. Requires the Director to ensure that: (1) the persons that provide peer review are fairly balanced with respect to the points of view represented; (2) no such person has a conflict of interest that is relative to the functions to be performed in the review; and (3) the comments provided by those persons are not inappropriately influenced by any special interest and are the result of independent judgment.

Directs the head of each Federal banking agency and the National Credit Union Administration, and not the Director, to exercise all authority and carry out all duties otherwise vested under this Act in the Director with respect to that agency, other than the authority and duty to submit accounting statements and reports as required by this Act.

Prohibits applying any provision of this Act to any matter relating to monetary policy that is proposed or promulgated by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.