Regulatory Accounting Act of 1995

Summary: Regulatory Accounting Act of 1995 - Directs the President, after providing notice and opportunity for comment, to prepare and submit to the Congress:  (1) a biennial accounting statement, covering at least the five fiscal years beginning on the first day of the fiscal year in which the report is submitted, that estimates the costs of Federal regulatory programs and corresponding benefits as outlined by this Act; and (2) an associated report analyzing program impacts on small business, State and local governments' ability to provide essential services, and other appropriate factors. 
Directs the Director of the Office of Management and Budget to provide guidance to agencies to standardize measures of costs and benefits in such accounting statements as well as their format. 
Requires the Director of the Congressional Budget Office, after each accounting statement and associated report are submitted, to make recommendations to the President for improving such statements and reports.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regulatory Accounting Act of 1995''.

SEC. 2. ACCOUNTING STATEMENT.
    (a) In General.--Every 2 years after the enactment of this Act the 
President shall prepare and submit to Congress an accounting statement 
that estimates the costs of Federal regulatory programs and 
corresponding benefits in accordance with this section.
    (b) Years Covered By Accounting Statement.--Each accounting 
statement shall cover, at a minimum, the 5 fiscal years beginning on 
October 1 of the year in which the report is submitted and may cover 
any fiscal year preceding such fiscal years for purposes of revising 
previous estimates.
    (c) Timing and Procedures.--
            (1) Notice and comment.--The President shall provide notice 
        and opportunity for comment for each accounting statement. The 
        President may delegate to an agency the requirement to provide 
        notice and opportunity for comment for the portion of the 
        accounting statement relating to that agency.
            (2) Deadlines for first statement.--The President shall 
        propose the first accounting statement under this section not 
        later than 2 years after the date of the enactment of this Act 
        and shall issue the first accounting statement in final form 
        not later than 3 years after the date of the enactment of this 
        Act. Such statement shall cover, at a minimum, each of the 8 
        fiscal years beginning after the date of the enactment of this 
        Act.
    (d) Content of Accounting Statement.--
            (1) In general.--Each accounting statement shall contain 
        estimates of costs and benefits with respect to each fiscal 
        year covered by the statement in accordance with this 
        subsection. For each such fiscal year for which estimates were 
        made in a previous accounting statement, the statement shall 
        revise those estimates and state the reasons for the revisions.
            (2) Statement of costs.--
                    (A) In general.--An accounting statement shall 
                estimate the costs of Federal regulatory programs by 
                setting forth, for each year covered by the statement--
                            (i) the annual expenditure of national 
                        economic resources for the regulatory program; 
                        and
                            (ii) such other quantitative and 
                        qualitative measures of costs as the President 
                        considers appropriate.
        Costs shall be quantified to the extent feasible and 
        appropriate and otherwise shall be qualitatively described.
                    (B) National economic resources.--For purposes of 
                the estimate of costs in the accounting statement, 
                national economic resources include, and shall be 
                listed under, at least the following categories:
                            (i) Private sector costs, including direct 
                        costs and appropriate indirect costs.
                            (ii) Federal sector administrative costs.
                            (iii) Federal sector compliance costs.
                            (iv) State government administrative costs.
                            (v) Local government administrative costs.
                            (vi) State government compliance costs.
                            (vii) Local government compliance costs.
            (3) Statement of corresponding benefits.--An accounting 
        statement shall estimate the benefits of Federal regulatory 
        programs by setting forth, for each year covered by the 
        statement, quantitative and qualitative measures of benefits. 
        Costs shall be quantified to the extent feasible and 
        appropriate and otherwise shall be qualitatively described. Any 
        quantitative estimate of benefits concerning reduction in human 
        health, safety, or environmental risks shall, to the extent 
        feasible and appropriate, present the most plausible level of 
        risk, along with a statement of the reasonable degree of 
        scientific uncertainty.

SEC. 3. ASSOCIATED REPORT TO CONGRESS.

    (a) In General.--At the same time as the President submits an 
accounting statement under section 2, the President, acting through the 
Director of the Office of Management and Budget, shall submit to 
Congress a report associated with the accounting statement (hereinafter 
referred to as the ``associated report''). The associated report shall 
contain an analyses of impacts prepared in, in accordance with 
subsection (b).
    (b) Analyses of Impacts.--The President shall include in the 
associated report the following:
            (1) Analyses prepared by the President of the cumulative 
        impact of Federal regulatory programs covered in the accounting 
        statement on the following:
                    (A) The ability of State and local governments to 
                provide essential services, including police, fire 
                protection, and education.
                    (B) Small business.
                    (C) Job growth.
                    (D) International competitiveness.
                    (E) Technological innovation.
                    (F) Consumer prices for goods and services.
                    (G) Such other factors considered appropriate by 
                the President.
            (2) A summary of any independent analyses of impacts 
        prepared by persons commenting during the comment period on the 
        accounting statement.

SEC. 4. GUIDANCE FROM OFFICE OF MANAGEMENT AND BUDGET.

    The Director of the Office of Management and Budget shall provide 
guidance to agencies--
            (1) to standardize measures of costs and benefits in 
        accounting statements prepared pursuant to this Act; and
            (2) to standardize the format of the accounting statements.

SEC. 5. RECOMMENDATIONS FROM CONGRESSIONAL BUDGET OFFICE.

    After each accounting statement and associated report are submitted 
to Congress, the Director of the Congressional Budget Office shall make 
recommendations to the President--
            (1) for improving accounting statements prepared pursuant 
        to this Act, including recommendations on level of detail and 
        accuracy; and
            (2) for improving associated reports prepared pursuant to 
        this Act, including recommendations on the quality of analysis.

SEC. 6. DEFINITIONS.

    For purposes of this Act, the following definitions apply:
            (1) The term ``Federal regulatory program'' means a program 
        carried out pursuant to a related group of Federal statutes and 
        regulations, as determined by the President.
            (2) The term ``regulation'' means an agency statement of 
        general applicability and future effect designed to implement, 
        interpret, or prescribe law or policy or describing the 
        procedure or practice requirements of an agency. The term does 
        not include--
                    (A) administrative actions governed by sections 556 
                and 557 of title 5, United States Code;
                    (B) regulations issued with respect to a military 
                or foreign affairs function of the United States; or
                    (C) regulations related to agency organization, 
                management, or personnel.
            (3) The term ``agency'' means any executive department, 
        military department, Government corporation, Government 
        controlled corporation, or other establishment in the executive 
        branch of the Government (including the executive Office of the 
        President), but does not include the General Accounting Office, 
        Federal Election Commission, the governments of the District of 
        Columbia and of the territories and possessions of the United 
        States, and their various subdivisions, or Government-owned 
        contractor-operated facilities including laboratories engaged 
        in national defense research and production activities.