There is 1 version of this bill. View text

Click the check-box to add or remove the section, click the text link to scroll to that section.
Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

PROVE IT Act of 2016
Providing Retrospective Observations Validating Economics and Increasing Transparency Act of 2016

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To provide for Federal agency accountability and improve the effectiveness of major rules in accomplishing their regulatory objectives by requiring retrospective review and report, and for other purposes.


Actions Overview (1)

Date
06/16/2016Introduced in House

All Actions (3)

Date
06/21/2016Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Action By: Committee on the Judiciary
06/16/2016Referred to the House Committee on the Judiciary.
Action By: House of Representatives
06/16/2016Introduced in House
Action By: House of Representatives

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Judiciary06/16/2016 Referred to
House Judiciary Subcommittee on Regulatory Reform, Commercial And Antitrust Law06/21/2016 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.


Latest Summary (1)

There is one summary for H.R.5513. View summaries

Shown Here:
Introduced in House (06/16/2016)

Providing Retrospective Observations Validating Economics and Increasing Transparency Act of 2016 or the PROVE IT Act of 2016

This bill requires a federal agency that publishes a final major rule in the Federal Register to publish, biannually while the rule remains in effect, a report on the benefits and costs of such rule to regulated entities. The report shall:

  • assess the impacts of the rule on such entities,
  • include a determination about how the actual benefits and costs of the rule have varied from those anticipated when the rule was issued,
  • assess the effectiveness and benefits of the rule in producing its regulatory objectives, and
  • be reviewed by the Office of Information and Regulatory Affairs (OIRA) when required under executive order.

The agency shall: (1) within 90 days after determining that the cost of a rule to regulated entities has exceeded the cost anticipated, report to Congress on the effectiveness and necessity of, and lower-cost alternatives to, the rule; and (2) reopen the public docket to receive additional comments and consider modifications or alternatives that reduce costs and increase benefits to regulated entities.

The bill defines "major rule" as any rule that OIRA finds has resulted in or is likely to result in:

  • an annual effect on the economy of $100 million or more;
  • a major increase in costs or prices for consumers, individual industries, government agencies, or geographic regions; or
  • significant adverse effects on competition, employment investment, productivity, innovation, or the ability of U.S.-based enterprises to compete with foreign-based enterprises.