A bill to amend chapter 8 of title 15, United States Code, to provide for congressional review of agency guidance documents.

Summary: Closing Regulatory Loopholes Act of 2011 - Requires federal agency guidance documents and major guidance documents to be submitted for congressional review prior to implementation.  Defines: (1) "guidance document" as an agency statement of general applicability and future effect that sets forth a policy on a statutory, regulatory, or technical issue or an interpretation of a statutory or regulatory issue; and (2) "major guidance document" as a guidance document that 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, or a significant adverse effect on competition, employment, investment, productivity, or innovation.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Closing Regulatory Loopholes Act of 
2011''.

SEC. 2. CONGRESSIONAL REVIEW OF AGENCY GUIDANCE DOCUMENTS.

    (a) Definitions.--Chapter 8 of title 5, United States Code, is 
amended by striking section 804 and inserting the following:
``Sec. 804. Definitions
    ``In this chapter--
            ``(1) the term `Federal agency' means any agency as that 
        term is defined under section 551(1);
            ``(2) the term `guidance document' means an agency 
        statement of general applicability and future effect, other 
        than a regulatory action, that sets forth a policy on a 
        statutory, regulatory or technical issue or an interpretation 
        of a statutory or regulatory issue;
            ``(3) the term `major guidance document' means any guidance 
        document that the Administrator of the Office of Information 
        and Regulatory Affairs of the Office of Management and Budget 
        finds has resulted in or is likely to result in--
                    ``(A) an annual effect on the economy of 
                $100,000,000 or more;
                    ``(B) a major increase in costs or prices for 
                consumers, individual industries, Federal, State, or 
                local government agencies, or geographic regions; or
                    ``(C) significant adverse effects on competition, 
                employment, investment, productivity, innovation, or on 
                the ability of United States-based enterprises to 
                compete with foreign-based enterprises in domestic and 
                export markets;
            ``(4) the term `major rule' means--
                    ``(A) any rule that the Administrator of the Office 
                of Information and Regulatory Affairs of the Office of 
                Management and Budget finds has resulted in or is 
                likely to result in--
                            ``(i) an annual effect on the economy of 
                        $100,000,000 or more;
                            ``(ii) a major increase in costs or prices 
                        for consumers, individual industries, Federal, 
                        State, or local government agencies, or 
                        geographic regions; or
                            ``(iii) significant adverse effects on 
                        competition, employment, investment, 
                        productivity, innovation, or on the ability of 
                        United States-based enterprises to compete with 
                        foreign-based enterprises in domestic and 
                        export markets; and
                    ``(B) does not include any rule promulgated under 
                the Telecommunications Act of 1996 and the amendments 
                made by that Act;
            ``(5) the term `regulatory action' means any substantive 
        action by an agency (normally published in the Federal 
        Register) that promulgates or is expected to lead to the 
        promulgation of a final regulation, including notices of 
        inquiry, advance notices of proposed rulemaking, and notices of 
        proposed rulemaking; and
            ``(6) the term `rule' has the meaning given such term in 
        section 551, except that such term does not include--
                    ``(A) any rule of particular applicability, 
                including a rule that approves or prescribes for the 
                future rates, wages, prices, services, or allowances 
                therefor, corporate or financial structures, 
                reorganizations, mergers, or acquisitions thereof, or 
                accounting practices or disclosures bearing on any of 
                the foregoing;
                    ``(B) any rule relating to agency management or 
                personnel; or
                    ``(C) any rule of agency organization, procedure, 
                or practice that does not substantially affect the 
                rights or obligations of non-agency parties.''.
    (b) Application to Guidance Documents.--Chapter 8 of title 5, 
United States Code, is amended--
            (1) in section 801--
                    (A) in subsection (a)(1)--
                            (i) in subparagraph (A)--
                                    (I) by inserting ``or guidance 
                                document'' after ``rule'' each place 
                                that term appears; and
                                    (II) by inserting ``or major 
                                guidance document'' after ``major 
                                rule'';
                            (ii) by striking subparagraph (B) and 
                        inserting the following:
                    ``(B) On the date of the submission of the report 
                under subparagraph (A), the Federal agency promulgating 
                the rule or guidance document shall submit to the 
                Comptroller General and make available to each House of 
                Congress--
                            ``(i) in the case of a rule--
                                    ``(I) a complete copy of the cost-
                                benefit analysis of the rule, if any;
                                    ``(II) the agency's actions 
                                relevant to sections 603, 604, 605, 
                                607, and 609;
                                    ``(III) the agency's actions 
                                relevant to sections 202, 203, 204, and 
                                205 of the Unfunded Mandates Reform Act 
                                of 1995;
                            ``(ii) in the case of a guidance document, 
                        any relevant agency actions; and
                            ``(iii) any other relevant information or 
                        requirements under any other Act and any 
                        relevant Executive orders.''; and
                            (iii) in subparagraph (C), by inserting 
                        ``or guidance document'' after ``rule'';
                    (B) in subsection (a) (2), (3), (4), and (5)--
                            (i) by inserting ``or guidance document'' 
                        after ``rule'' each place that term appears; 
                        and
                            (ii) by inserting ``or major guidance 
                        document'' after ``major rule each place that 
                        term appears''; and
                    (C) in subsections (b) through (g)--
                            (i) by inserting ``or guidance document'' 
                        after ``rule'' each place that term appears; 
                        and
                            (ii) by inserting ``or major guidance 
                        document'' after ``major rule''; and
            (2) in section 802--
                    (A) in subsection (a) by inserting ``or in the case 
                of a guidance document `That Congress disapproves the 
                guidance document submitted by the __ relating to __, 
                and such guidance document shall have no force or 
                effect.' (The blank spaces being appropriately filled 
                in)'' before the period;
                    (B) in subsection (b)(2)(B), by inserting ``or 
                guidance document'' after ``rule''; and
                    (C) in subsection (e), by inserting ``or guidance 
                document'' after ``rule'';
            (3) in section 803(a)--
                    (A) by inserting ``or guidance document'' after 
                ``rule''; and
                    (B) by inserting ``or guidance document's'' after 
                ``rule's'';
            (4) in section 807, by inserting ``or guidance documents'' 
        after ``rules'';
            (5) in section 808--
                    (A) by striking the section heading and inserting 
                the following:
``Sec. 808. Effective date of certain rules or guidance documents'';
        and
                    (B) by inserting ``or guidance document'' after 
                ``rule'' each place that term appears; and
            (6) in the table of sections by striking the item relating 
        to section 808 and inserting the following:

``Sec. 808. Effective date of certain rules or guidance documents.''.