SECTION 1. SHORT TITLE.

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

SEC. 2. FINDING AND PURPOSE.

    (a) Finding.--The Congress finds that--
            (1) excessive and misguided regulations impose enormous 
        economic costs that, like excessive taxes, stifle economic 
        growth and job creation; and
            (2) the cost of complying with Federal regulations alone is 
        estimated between $300,000,000,000 and $500,000,000,000 per 
        year, which amounts to $4,000 to $6,000 per working man and 
        woman in America.
    (b) Purpose.--The purpose of this Act is to demonstrate the need to 
reexamine the policies and procedures of Federal agencies which impose 
regulatory burden, to determine what changes are necessary and 
desirable in those policies and procedures.

SEC. 3. REVIEW OF FEDERAL REGULATIONS.

    (a) In General.--Each of the commissions established under section 
4 by the Director of the Office of Management and Budget (referred to 
in this Act as the ``Director'') shall review the regulations issued by 
the department or agency with respect to which the commission is 
established.
    (b) Standards of Review.--In reviewing regulations under this 
section, each commission shall examine and determine--
            (1) whether the regulations are--
                    (A) within the scope of authority of the statutes 
                under which the regulations were issued; and
                    (B) in accordance with the original intent of the 
                Congress in approving the statutes;
            (2) whether administrative decisions made under the 
        regulations were based on adequate information concerning the 
        need for and consequences of proposed Governmental action;
            (3) whether regulatory action was taken only in instances 
        where potential economic benefits to society of taking an 
        action exceed the economic costs to society of taking the 
        action;
            (4) whether the objectives of regulatory actions were 
        selected to minimize net economic costs to society;
            (5) whether in selecting among alternative approaches for 
        achieving objectives of regulatory actions, the alternative 
        selected was the alternative involving the least net economic 
        cost to society;
            (6) whether Federal agencies, in selecting regulatory 
        priorities, have taken into account--
                    (A) the condition of the particular employers and 
                employees affected by regulatory actions;
                    (B) the condition of the regional and national 
                economy; and
                    (C) other Federal regulatory actions being 
                considered; and
            (7) whether the regulations are subject to judicial review.
    (c) Consultation and Comment.--In carrying out reviews under this 
section, each commission shall--
            (1) consult with the Congress and relevant congressional 
        committees; and
            (2) solicit and consider views and suggestions of persons 
        affected by the regulations reviewed by the commission.
    (d) Reports.--
            (1) In general.--Each commission established under section 
        4 shall submit reports in accordance with this subsection to 
        the Congress, the Director, and the head of the department or 
        agency with respect to which the commission is established. The 
        reports shall consist of--
                    (A) an interim report submitted by not later than 1 
                year after the completion of appointments of the 
                members of the commission;
                    (B) a final report submitted by not later than 2 
                years after the completion of the appointments.
            (2) Contents.--Each report under this subsection shall 
        describe the determinations made by the commission under each 
        of paragraphs (1), (2), (3), (4), (5), (6), and (7) of 
        subsection (b) for the period covered by the report.

SEC. 4. ESTABLISHMENT OF COMMISSIONS.

    (a) In General.--Not later than 6 months after the date of 
enactment of this Act, the Director shall establish 3 commissions to 
carry out reviews under section 3. Of the commissions established under 
this section, one shall be established with respect to each of--
            (1) the Environmental Protection Agency;
            (2) the Department of Labor; and
            (3) the Department of the Interior.
    (b) Membership.--Each commission established under this section 
shall be composed of 13 members as follows:
            (1) 2 Members of the Senate appointed by the Majority 
        Leader of the Senate, who shall be Members of different 
        political parties.
            (2) 2 Members appointed by the Speaker of the House of 
        Representatives, who shall be Members of different political 
        parties.
            (3) 5 members appointed by the President from among persons 
        affected by regulatory actions of the department or agency with 
        respect to which the commission is established, of whom not 
        more than 3 may be members of the same political party.
            (4) 4 members appointed by the head of the department or 
        agency with respect to which the commission is established, 
        from among the career employees of the agency.
    (c) Compensation.--Each member of the commission shall serve 
without compensation in addition to that received for such member's 
services as an officer or employee of the United States.
    (d) Expenses.--The head of a Federal department or agency with 
respect to which a commission is established under this section shall 
pay the expenses incurred by the commission in carrying out this Act.
    (e) Termination.--Each commission established by this section shall 
terminate on the date the commission submits a final report under 
section 3(d)(1)(B).
Regulatory Reform Commissions Act of 1995 - Requires the Director of the Office of Management and Budget to establish three commissions to review and report on the regulations issued by the Environmental Protection Agency, the Department of Labor, and the Department of the Interior.  Includes among review standards determinations as to:  (1) whether the regulations are within the scope of authority of the underlying statutes, in accordance with original congressional intent, and subject to judicial review; and (2) economic costs and benefits.
Regulatory Reform Commissions Act of 1995