To provide for a time-out on certain regulations, and for other purposes.

Summary: Regulatory Time-Out Act of 2011 - Prohibits covered regulations from being in effect or from taking effect during the period beginning on the enactment of this Act and ending on January 21, 2013 (time-out period). Prohibits publication of any general notice of a proposed rulemaking for what would be a covered regulation, and nullifies a rulemaking that was published but for which the comment period did not expire before enactment of this Act, during such period.

Defines a "covered regulation" as a final regulation that did not take effect before September 1, 2011, that increases costs on businesses in a manner that will have an adverse effect on job creation, job retention, productivity, competitiveness, or the efficient functioning of the economy and that is likely to: (1) have an annual effect on the economy of $100 million or more; (2) 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; (3) create a serious inconsistency or otherwise interfere with an action by another agency; (4) materially alter the budgetary impact of entitlements, grants, user fees, or loan programs or the rights and obligations of recipients; or (5) raise novel legal or policy issues.

Exempts regulations that are required by law. Allows agency heads to exempt covered regulations that: (1) are necessary due to an imminent threat to human health or safety or any other emergency; (2) are necessary to enforce criminal laws, (3) foster private sector job creation; (4) encourage economic growth; (5) reduce regulatory burdens; (6) pertain to a military or foreign affairs function; or (7) are limited to interpreting, implementing, or administering the Internal Revenue Code.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regulatory Time-Out Act of 2011''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) As stated in Executive Order 13563 (76 Fed. Reg. 3821; 
        relating to improving regulation and regulatory review), ``Our 
        regulatory system must protect public health, welfare, safety, 
        and our environment while promoting economic growth, 
        innovation, competitiveness, and job creation.''.
            (2) The criteria described in paragraph (1) have not been 
        met.
            (3) Congress has an obligation to ensure that regulations 
        issued as a delegation of its authority reflect the balance 
        expressed in paragraph (1).

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Agency.--The term ``agency'' has the meaning given that 
        term under section 3502(1) of title 44, United States Code.
            (2) Time-out period.--The term ``time-out period'' means 
        the period beginning on the date of the enactment of this Act 
        and ending on January 21, 2013.
            (3) Regulations.--
                    (A) Covered regulation.--Subject to subparagraph 
                (C), the term ``covered regulation'' means a final 
                regulation that--
                            (i) directly or indirectly increases costs 
                        on businesses in a manner which will have an 
                        adverse effect on job creation, job retention, 
                        productivity, competitiveness, or the efficient 
                        functioning of the economy;
                            (ii) is likely to--
                                    (I) have an annual effect on the 
                                economy of $100,000,000 or more;
                                    (II) adversely affect in a material 
                                way the economy, a sector of the 
                                economy, productivity, competition, 
                                jobs, the environment, public health or 
                                safety, or State, local, or tribal 
                                governments or communities;
                                    (III) create a serious 
                                inconsistency or otherwise interfere 
                                with an action taken or planned by 
                                another agency;
                                    (IV) materially alter the budgetary 
                                impact of entitlements, grants, user 
                                fees, or loan programs or the rights 
                                and obligations of recipients thereof; 
                                or
                                    (V) raise novel legal or policy 
                                issues; and
                            (iii) did not take effect before September 
                        1, 2011.
                    (B) Proposed regulation.--Subject to subparagraph 
                (C), the term ``proposed regulation'' means a 
                regulation for which an agency has published a general 
                notice of proposed rulemaking and which is expected to 
                meet the requirements of subparagraph (A) after the 
                final regulation takes effect.
                    (C) Inapplicability to regulations required by 
                law.--This Act does not apply to covered regulations or 
                proposed regulations required by law.

SEC. 4. TIME-OUT PERIOD FOR COVERED REGULATIONS.

    (a) Prior Regulations.--A covered regulation that took effect 
before the date of the enactment of this Act shall be treated, during 
the time-out period, as though that regulation never took effect.
    (b) Prospective Regulations.--A covered regulation that has not 
taken effect before the date of the enactment of this Act may not take 
effect during the time-out period.

SEC. 5. TIME-OUT PERIOD FOR PROPOSED REGULATIONS.

    (a) Prior Proposed Regulations.--A general notice of proposed 
rulemaking published before the date of the enactment of this Act and 
with respect to which the period for submission of comments has not 
expired on such date shall be treated, during the time-out period, as 
though the notice was never published.
    (b) Prospective Proposed Regulations.--A general notice of proposed 
rulemaking may not be published during the time-out period.

SEC. 6. EXEMPTIONS.

    (a) In General.--The head of an agency may exempt a covered 
regulation prescribed by that agency from the application of section 3, 
or a proposed regulation issued by that agency from the application of 
section 4, if the head of the agency--
            (1) makes a specific finding that the covered regulation or 
        proposed regulation--
                    (A) is necessary due to an imminent threat to human 
                health or safety, or any other emergency;
                    (B) is necessary for the enforcement of a criminal 
                law;
                    (C) has as its principal effect--
                            (i) fostering private sector job creation 
                        and the enhancement of the competitiveness of 
                        workers in the United States;
                            (ii) encouraging economic growth; or
                            (iii) repealing, narrowing, or streamlining 
                        a rule, regulation, or administrative process, 
                        or otherwise reducing regulatory burdens;
                    (D) pertains to a military or foreign affairs 
                function of the United States; or
                    (E) is limited to interpreting, implementing, or 
                administering the Internal Revenue Code of 1986; and
            (2) submits the finding to Congress and publishes the 
        finding in the Federal Register.
    (b) Review.--Not later than 10 days after the date of the enactment 
of this Act each agency shall submit any covered regulation or proposed 
regulation that the head of the agency determines is exempt under this 
section to the Office of Management and Budget and Congress.
    (c) Nondelegable Authority.--The head of an agency may not delegate 
the authority provided under this section to exempt the application of 
any provision of this Act.