To amend chapter 8 of title 5, United States Code, to require congressional approval of proposed rules considered by the Congress to be significant rules.

Summary: Legislative Oversight of Significant Regulations Act of 2003 - Revises provisions governing the congressional review of agency rulemaking. Imposes review requirements upon only rules described as "significant" in the authorizing Act. Prohibits a significant rule from taking effect before the enactment of a joint resolution comprising solely of the text of such rule.

 Requires the report submitted by a Federal agency proposing a significant rule to include an explanation of the specific statutory interpretation under which a rule is proposed, including an explanation of whether the interpretation is expressly required by the text of the statute or, if not, an explanation that the interpretation is within the permissible range and an explanation of why the interpretation was selected. Provides that if Congress fails to enact a joint resolution approving a proposed significant rule, no court or agency may infer any intent of Congress from any action or inaction with regard to such rule or related statute.

 Sets forth: (1) the congressional approval procedure for significant rules (current law sets forth disapproval procedure for rules); and (2) provisions with respect to revising or revoking an existing rule by joint resolution.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Legislative Oversight of Significant 
Regulations Act of 2003''.

SEC. 2. FINDING AND PURPOSE.

    (a) Finding.--The Congress finds that oversight of significant 
rules will be enhanced if they are subject to congressional review and 
approval after being proposed by an agency.
    (b) Purpose.--The purpose of this Act is to ensure that before a 
significant rule takes effect--
            (1) Congress is given an adequate opportunity to review the 
        rule and ensure that it is in accordance with the intent of 
        Congress in enacting the law under which the rule is proposed; 
        and
            (2) Congress approves the rule in accordance with the 
        procedures established by this Act.

SEC. 3. REVIEW OF SIGNIFICANT RULES BY CONGRESS.

    Chapter 8 of title 5, United States Code, is amended to read as 
follows:

         ``CHAPTER 8--CONGRESSIONAL REVIEW OF AGENCY RULEMAKING

``Sec.
``801. Review of significant rules by Congress.
``802. Congressional approval procedure for significant rules.
``803. Existing rules.
``804. Definitions.
``805. Exemption for monetary policy.

``Sec. 801. Review of significant rules by Congress
    ``(a) A significant rule shall not take effect before the date of 
the enactment of a joint resolution described in section 802(a) 
comprised solely of the text of the significant rule.
    ``(b)(1) Before a proposed significant rule would take effect as a 
final rule, the agency proposing the rule shall submit to each House of 
Congress a report containing the following:
            ``(A) A copy of the proposed significant rule.
            ``(B) A concise summary of the proposed significant rule, 
        its purpose, and anticipated effects.
            ``(C) A complete copy of any cost-benefit analysis report 
        that has been prepared by the agency with respect to the 
        proposed significant rule.
            ``(D) An explanation of the specific statutory 
        interpretation under which a rule is proposed, including an 
        explanation of--
                    ``(i) whether the interpretation is expressly 
                required by the text of the statute; or
                    ``(ii) if the interpretation is not expressly 
                required by the text of the statute, an explanation 
                that the interpretation is within the range of 
                permissible interpretations of the statute as 
                identified by the agency, and an explanation why the 
                interpretation selected by the agency is the agency's 
                preferred interpretation.
            ``(E) Any other relevant information or requirements under 
        any other Act and any relevant Executive order.
    ``(2) Upon receipt of a report under paragraph (1), each House of 
Congress shall provide a copy of the report to the chairman and ranking 
minority party member of each committee with jurisdiction over the 
subject matter of the report.
    ``(c) If Congress fails to enact a joint resolution approving a 
proposed significant rule, no court or agency may infer any intent of 
Congress from any action or inaction of Congress with regard to such 
rule or related statute.
``Sec. 802. Congressional approval procedure for significant rules
    ``(a) Not later than 3 legislative days after the date on which an 
agency submits a report under section 801(b) containing the text of any 
proposed significant rule, the majority leader of each House of the 
Congress shall introduce (by request) a joint resolution comprised 
solely of the text of that significant rule. If the joint resolution is 
not introduced in either House as provided in the preceding sentence, 
then any Member of that House may introduce the joint resolution.
    ``(b)(1) The joint resolution shall be referred to the appropriate 
committee of the House in which it is introduced. The committee may 
report the joint resolution without substantive revision and with or 
without recommendation or with an adverse recommendation, or the 
committee may vote not to report the joint resolution. If the committee 
votes to order the joint resolution reported, it shall be reported not 
later than the end of the period (not to exceed 45 legislative days) 
established for consideration of the joint resolution by the Speaker of 
the House of Representatives or the majority leader of the Senate, as 
the case may be. Except in the case of a joint resolution which a 
committee votes not to report, a committee failing to report a joint 
resolution within such period shall be automatically discharged from 
consideration of the joint resolution, and it shall be placed on the 
appropriate calendar.
    ``(2) A vote on final passage of the joint resolution shall be 
taken in that House on or before the close of the 90th legislative day 
after the date of the introduction of the joint resolution in that 
House.
    ``(3)(A) A motion in the House of Representatives to proceed to the 
consideration of a joint resolution under this section shall be highly 
privileged and not debatable. An amendment to the motion shall not be 
in order, nor shall it be in order to move to reconsider the vote by 
which the motion is agreed to or disagreed to.
    ``(B) Debate in the House of Representatives on a joint resolution 
under this section shall be limited to not more than 4 hours, which 
shall be divided equally between those favoring and those opposing the 
joint resolution. A motion further to limit debate shall not be 
debatable. It shall not be in order to move to recommit a joint 
resolution under this section or to move to reconsider the vote by 
which the joint resolution is agreed to or disagreed to.
    ``(C) All appeals from the decisions of the chair relating to the 
application of the Rules of the House of Representatives to the 
procedure relating to a joint resolution under this section shall be 
decided without debate.
    ``(D) Except to the extent specifically provided in the preceding 
provisions of this subsection, consideration of a joint resolution 
under this section shall be governed by the Rules of the House of 
Representatives applicable to other joint resolutions in similar 
circumstances.
    ``(4)(A) A motion in the Senate to proceed to the consideration of 
a joint resolution under this section shall be privileged and not 
debatable. An amendment to the motion shall not be in order, nor shall 
it be in order to move to reconsider the vote by which the motion is 
agreed to or disagreed to.
    ``(B) Debate in the Senate on a joint resolution under this 
section, and all debatable motions and appeals in connection therewith, 
shall be limited to not more than 10 hours. The time shall be equally 
divided between, and controlled by, the majority leader and the 
minority leader or their designees.
    ``(C) Debate in the Senate on any debatable motion or appeal in 
connection with a joint resolution under this section shall be limited 
to not more than 1 hour, to be equally divided between, and controlled 
by, the mover and the manager of the joint resolution, except that in 
the event the manager of the joint resolution is in favor of any such 
motion or appeal, the time in opposition thereto, shall be controlled 
by the minority leader or his designee. Such leaders, or either of 
them, may, from time under their control on the passage of a joint 
resolution, allot additional time to any Senator during the 
consideration of any debatable motion or appeal.
    ``(D) A motion in the Senate to further limit debate on a joint 
resolution under this section is not debatable. A motion to recommit a 
joint resolution under this section is not in order.
    ``(c) No amendment to a joint resolution considered under this 
section shall be in order in either the House of Representatives or the 
Senate. No motion to suspend the application of this subsection shall 
be in order in either House, nor shall it be in order in either House 
for the presiding officer to entertain a request to suspend the 
application of this subsection by unanimous consent.
    ``(d) If, before the passage by one House of a joint resolution of 
that House described in subsection (a), that House receives from the 
other House a joint resolution described in subsection (a) comprised of 
the same text, then:
            ``(1) The procedure in that House shall be the same as if 
        no joint resolution had been received from the other House.
            ``(2) The vote on final passage shall be on the joint 
        resolution of the other House.
    ``(e) This section is enacted by Congress--
            ``(1) as an exercise of the rulemaking power of the Senate 
        and the House of Representatives, respectively, and as such it 
        is deemed a part of the rules of each House, respectively, but 
        applicable only with respect to the procedure to be followed in 
        that House in the case of a joint resolution described in 
        subsection (a), and it supersedes other rules only to the 
        extent that it is inconsistent with such rules; and
            ``(2) with full recognition of the constitutional right of 
        either House to change the rules (so far as relating to the 
        procedure of that House) at any time, in the same manner, and 
        to the same extent as in the case of any other rule of that 
        House.
``Sec. 803. Existing rules
    ``(a) Any existing rule may be revised or revoked in accordance 
with this section if a petition for review so requests.
    ``(b) If a petition for review is filed with the Clerk of the House 
of Representatives or the Secretary of the Senate, the Clerk or the 
Secretary shall determine whether the petition meets the requirements 
of subsection (d). If the Clerk or the Secretary determines that a 
petition meets those requirements, he or she shall notify the majority 
leader of that House. The majority leader so notified shall, within 3 
legislative days, introduce a joint resolution (by request) that makes 
the revision or revocation of existing rules proposed by the petition 
upon the enactment of that joint resolution. If the joint resolution is 
not introduced as provided in the preceding sentence, then any Member 
of that House may introduce the joint resolution.
    ``(c) Any joint resolution introduced under subsection (b) shall be 
considered in the House of Representatives and the Senate in accordance 
with the procedures respecting a joint resolution set forth in section 
802.
    ``(d) A petition for review under subsection (a) shall contain the 
following:
            ``(1) Any rule affected by the petition and the contents of 
        that rule as it would exist if a joint resolution revising or 
        revoking that rule pursuant to the petition were enacted.
            ``(2) For a petition in the Senate, the signatures of 30 
        Senators, or for a petition in the House of Representatives, 
        the signatures of 120 Members.
``Sec. 804. Definitions
    For purposes of this chapter:
            ``(1) The term `agency' has the meaning given that term in 
        section 551 (relating to administrative procedure).
            ``(2)(A) The term `rule' has the meaning given such term by 
        section 551, except that such term does not include--
                    ``(i) any rule of particular applicability 
                including a rule that approves or prescribes--
                            ``(I) future rates, wages, prices, 
                        services, or allowances therefor,
                            ``(II) corporate or financial structures, 
                        reorganizations, mergers, or acquisitions 
                        thereof, or
                            ``(III) accounting practices or disclosures 
                        bearing on any of the foregoing, or
                    ``(ii) any rule of agency organization, personnel, 
                procedure, practice, or any routine matter.
            ``(B) The term `final rule' means any final rule or interim 
        final rule.
            ``(3) The term `significant rule' means any rule proposed 
        by an agency that is specified or described as such in the Act 
        that authorizes the rule.
``Sec. 805. Exemption for monetary policy
    Nothing in this chapter applies to any rule concerning monetary 
policy proposed or implemented by the Board of Governors of the Federal 
Reserve System or the Federal Open Market Committee.''.

SEC. 4. EFFECTIVE DATE.

    The amendment made by this Act shall take effect on the ninetieth 
day after the date of enactment of this Act. The former chapter 8 of 
title 5, United States Code, as in effect immediately before that day 
shall continue to apply to rules submitted under that former chapter to 
each House of Congress as if this amendment had not been enacted.