SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regulatory Right-to-Know Act of 
1997''.

SEC. 2. PURPOSES.

    The purposes of this Act are to--
            (1) promote the public right-to-know about the costs and 
        benefits of Federal regulatory programs and rules;
            (2) promote Government accountability for the growth of 
        Federal regulatory programs and rules; and
            (3) encourage open communication among Federal agencies, 
        the public, the President, and Congress regarding regulatory 
        priorities.

SEC. 3. DEFINITIONS.

    For purposes of this Act:
            (1) Agency.--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), or any independent regulatory agency, 
        but shall not include--
                    (A) the General Accounting Office;
                    (B) the Federal Election Commission;
                    (C) the governments of the District of Columbia and 
                of the territories and possessions of the United 
                States, and their various subdivisions; or
                    (D) Government-owned contractor-operated 
                facilities, including laboratories engaged in national 
                defense research and production activities.
            (2) Benefit.--The term ``benefit'' means the reasonably 
        identifiable significant favorable effects, including social, 
        environmental, and economic benefits, that are expected to 
        result directly or indirectly from implementation of a rule.
            (3) Cost.--The term ``cost'' means the reasonably 
        identifiable significant adverse effects, including social, 
        environmental, and economic costs that are expected to result 
        directly or indirectly from implementation of, or compliance 
        with, a rule.
            (4) Program element.--The term ``program element'' means a 
        rule or related set of rules.
            (5) Rule.--The term ``rule'' has the same meaning given 
        such term in section 551(4) of title 5, United States Code, 
        except that such term shall not include--
                    (A) administrative actions governed by sections 556 
                and 557 of title 5, United States Code;
                    (B) rules issued with respect to a military or 
                foreign affairs function of the United States; or
                    (C) rules related to agency organization, 
                management, or personnel.

SEC. 4. ACCOUNTING STATEMENT.

    (a) In General.--
            (1) Administration.--The President, acting through the 
        Director of the Office of Management and Budget, shall be 
        responsible for implementing and administering the requirements 
        of this Act.
            (2) Accounting statement.--No later than January 2000, and 
        each January every 2 years thereafter, the President shall 
        prepare and submit to Congress an accounting statement that 
        estimates the costs and corresponding benefits of Federal 
        regulatory programs and program elements in accordance with 
        this section.
    (b) Years Covered by Accounting Statement.--Each accounting 
statement (other than the initial accounting statement) submitted under 
this Act shall cover, at a minimum, the costs and corresponding 
benefits for the 5 fiscal years preceding October 1 of the year in 
which the report is submitted. The statement shall also contain a 
projection of the costs and corresponding benefits for the next 10 
fiscal years, based on rules in effect or projected to take effect. The 
statement may cover any fiscal year preceding such fiscal years for the 
purpose 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 to comment for the portion of the 
        accounting statement relating to that agency.
            (2) Timing.--The President shall propose the first 
        accounting statement under this section no later than 1 year 
        after the date of enactment of this Act. Such statement shall 
        cover, at a minimum, each of the preceding fiscal years 
        beginning with fiscal year 1997.
    (d) Contents of Accounting Statement.--
            (1) Estimates of costs.--(A) An accounting statement shall 
        estimate the costs of Federal regulatory programs and program 
        elements by setting forth, for each year covered by the 
        statement--
                    (i) the annual expenditure of national economic 
                resources for each regulatory program and program 
                elements; and
                    (ii) such other quantitative and qualitative 
                measures of costs as the President considers 
                appropriate.
            (B) For purposes of the estimate of costs in the accounting 
        statement, national economic resources shall include, and shall 
        be listed under, at least the following categories:
                    (i) Private sector costs.
                    (ii) Federal sector administrative costs.
                    (iii) Federal sector compliance costs.
                    (iv) State and local government administrative 
                costs.
                    (v) State and local government compliance costs.
            (2) Estimates of benefits.--An accounting statement shall 
        estimate the corresponding benefits of Federal regulatory 
        programs and program elements by setting forth, for each year 
        covered by the statement, such quantitative and qualitative 
        measures of benefits as the President considers appropriate. 
        Any estimates of benefits concerning reduction in health, 
        safety, or environmental risks shall be based on sound and 
        objective scientific practices and shall present the most 
        plausible level of risk practical, along with a statement of 
        the reasonable degree of scientific certainty.

SEC. 5. ASSOCIATED REPORT TO CONGRESS.

    (a) In General.--In each year following the year in which the 
President submits an accounting statement under section 4, the 
President, acting through the Director of the Office of Management and 
Budget, shall, after notice and opportunity for comment, submit to 
Congress a report associated with the accounting statement (hereinafter 
referred to as an ``associated report''). The associated report shall 
contain, in accordance with this section--
            (1) analyses of impacts;
            (2) identification and analysis of jurisdictional overlaps, 
        duplications, and potential inconsistencies among Federal 
        regulatory programs; and
            (3) recommendations for reform.
    (b) Analyses of Impacts.--The President shall include in the 
associated report the following:
            (1) Analyses.--Analyses prepared by the president of the 
        cumulative impact of Federal regulatory programs covered in the 
        accounting statement. Factors to be considered in such report 
        shall include impacts 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) Productivity.
                    (D) Wages.
                    (E) Economic growth.
                    (F) Technological innovation.
                    (G) Consumer prices for goods and services.
                    (H) Such other factors considered appropriate by 
                the President.
            (2) Summary.--A summary of any independent analyses of 
        impacts prepared by persons commenting during the comment 
        period on the accounting statement.
    (c) Recommendations for Reform.--The President shall include in the 
associated report the following:
            (1) Presidential recommendations.--A summary of 
        recommendations of the President for reform or elimination of 
        any Federal regulatory program or program element that does not 
        represent sound use of national economic resources or otherwise 
        is inefficient.
            (2) Recommendations from commenters.--A summary of any 
        recommendations for such reform or elimination of Federal 
        regulatory programs or program elements prepared by persons 
        commenting during the comment period on the accounting 
        statement.

SEC. 6. GUIDANCE FROM OFFICE OF MANAGEMENT AND BUDGET.

    The Director of the Office of Management and Budget shall, in 
consultation with the Council of Economic Advisers, and after 
independent and external peer review, provide guidance to agencies--
            (1) to standardize measures of costs and benefits in 
        accounting statements prepared pursuant to this Act, including 
        guidance on estimating the costs and corresponding benefits of 
        regulatory programs and program elements; and
            (2) to standardize the format of the accounting statements.
The Director shall review submissions from agencies to assure 
consistency with the guidance under this section.

SEC. 7. RECOMMENDATIONS FROM CONGRESSIONAL BUDGET OFFICE.

    After each accounting statement and associated report 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.
Regulatory Right-to-Know Act of 1997 - Directs the President, no later than January 2000 and each January every two years thereafter, to submit to the Congress an accounting statement that estimates the costs and corresponding benefits of Federal regulatory programs and program elements.  Provides for each accounting statement submitted to:  (1) cover, at a minimum, the costs and corresponding benefits for the five fiscal years preceding October 1 of the year in which the report is submitted; and (2) also contain a projection of the costs and corresponding benefits for the next ten fiscal years.  Directs the President to propose the first accounting statement no later than one year after the enactment of this Act.  Provides for such statement to cover, at a minimum, each of the preceding fiscal years beginning with FY 1997. 
Requires the President, acting through the Director of the Office of Management and Budget, in each year following the year in which the President submits an accounting statement and after notice and opportunity for comment, to submit to the Congress a report associated with the accounting statement containing:  (1) analyses of impacts; (2) an analysis of jurisdictional overlaps, duplications, and potential inconsistencies among Federal regulatory programs; and (3) recommendations for reform. 
Requires the Director to:  (1) provide guidance to agencies to standardize measures of costs and benefits in accounting statements and the format of the accounting statements; and (2) review submissions from agencies to assure consistency with the guidance. 
Directs the Director of the Congressional Budget Office, after each accounting statement and associated report is submitted to the Congress, to make recommendations to the President for improving accounting statements and associated reports.
Regulatory Right-to-Know Act of 1997