S.1607 - Independent Agency Regulatory Analysis Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Portman, Rob [R-OH] (Introduced 06/18/2015)|
|Committees:||Senate - Homeland Security and Governmental Affairs|
|Latest Action:||Senate - 12/09/2016 Placed on Senate Legislative Calendar under General Orders. Calendar No. 721. (All Actions)|
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Summary: S.1607 — 114th Congress (2015-2016)All Information (Except Text)
Reported to Senate with amendment(s) (12/09/2016)
Independent Agency Regulatory Analysis Act of 2015
(Sec. 3) This bill authorizes the President to require an independent regulatory agency, while maximizing net benefits and considering costs, to comply with regulatory analysis requirements applicable to other federal agencies.
For any proposed or final economically significant rule (i.e., a rule that is likely to have an annual effect on the economy of $100 million or more or to adversely affect in a material way the economy, productivity, competition, jobs, the environment, public health or safety, or state, local, or tribal governments or communities), the President may require in independent regulatory agency to publish and provide the Office of Information and Regulatory Affairs (OIRA) with: (1) an assessment of the costs and benefits of such rule, (2) an assessment of costs and benefits of alternatives to such rule, and (3) an explanation of why the planned regulatory action is preferable to identified alternatives.
The President may require: (1) such an agency to submit any proposed or final economically significant rule to OIRA for review; (2) OIRA to submit for inclusion in the rule making record its assessment of the extent to which the agency has complied with regulatory analysis requirements; and (3) that if OIRA does not complete such assessment within 90 days, such agency shall be deemed to have met the requirement for review and may publish the final rule without inclusion of an assessment in the rule making record.
(Sec. 4) Compliance of an independent regulatory agency with this bill's requirements shall not be subject to judicial review.