Summary: H.R.1281 — 112th Congress (2011-2012)All Information (Except Text)

There is one summary for H.R.1281. Bill summaries are authored by CRS.

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Introduced in House (03/31/2011)

Restoring Economic Certainty Act of 2011 - Prohibits federal agencies from taking any rulemaking action during the two-year period beginning 30 days after enactment of this Act. Extends any deadline for any action authorized or required to be taken before the end of such moratorium period for five months or until the end of the period, whichever is later. Specifies exceptions, including for actions that: (1) are determined to be necessary because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, or to establish or enforce statutory rights against discrimination; or (2) pertain to a military or foreign affairs function other than procurement or to aviation safety.

Requires each federal agency to submit an economic impact statement, which shall contain a detailed estimate of the total annual costs and benefits of a regulation or rule, including the anticipated net impact on employment, on each rulemaking action that was proposed but not promulgated before the start of such moratorium. Requires any rulemaking action after the moratorium ends to include such a statement.

Exempts: (1) the General Accounting Office (GAO); (2) the Federal Election Commission (FEC); (3) the governments of the District of Columbia and of U.S. territories and possessions; (4) government-owned contractor-operated facilities; (5) the Board of Governors of the Federal Reserve System; and (6) the Federal Deposit Insurance Corporation (FDIC).