SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Economic and Employment Impact 
Act''.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--The Congress finds that--
            (1) Federal regulation is projected to cost 
        $542,000,000,000 by the year 2000;
            (2) the 1990 United States merchandise trade deficit was 
        $65,400,000,000;
            (3) excessive Federal regulation and mandates increase the 
        cost of doing business and thus hinder economic growth and 
        employment opportunities; and
            (4) State and local governments are forced to absorb the 
        cost of unfunded Federal mandates.
    (b) Purpose.--The purpose of this Act is to--
            (1) ensure that the American people are fully apprised of 
        the impact of Federal legislative and regulatory activity on 
        economic growth and employment;
            (2) require both the Congress and the executive branch to 
        acknowledge and to take responsibility for the fiscal and 
        economic effects of legislative and regulatory actions and 
        activities;
            (3) to provide a means to ensure congressional or executive 
        branch action is focused on enhancing economic growth and 
        providing increasing job opportunities for Americans; and
            (4) to protect against congressional or executive branch 
        action which hinders economic growth or eliminates jobs for the 
        American people.

SEC. 3. ECONOMIC AND EMPLOYMENT IMPACT STATEMENTS.

    (a) Preparation.--The Comptroller General of the United States 
shall prepare an economic and employment impact statement, as described 
in subsection (b), to accompany each bill, resolution, or conference 
report reported by any committee of the House of Representatives or the 
Senate or considered on the floor of either House.
    (b) Contents.--Except as provided in subsection (c), the economic 
and employment impact statement required by subsection (a) shall--
            (1) state the extent to which enactment of the bill, 
        resolution, or conference report would result in increased 
        costs to the private sector, individuals, or State and local 
        governments; and
            (2) include, at a minimum, a detailed assessment of the 
        annual impact of the bill, resolution, or conference report 
        (projected annually over a 5-year period from its effective 
        date, and, to the extent feasible, expressed in each case in 
        monetary terms) on--
                    (A) costs to United States consumers;
                    (B) costs to United States business;
                    (C) national employment;
                    (D) the ability of United States industries to 
                compete internationally;
                    (E) affected State and local governments, fiscal 
                and otherwise;
                    (F) outlays and revenues by the Federal Government 
                as compared to outlays and revenues for the same 
                activity in the current fiscal year (as reported by the 
                Congressional Budget Office); and
                    (G) impact on Gross Domestic Product.
    (c) Exception.--The economic and employment impact statement 
required by subsection (a) may consist of a brief summary assessment in 
lieu of the detailed assessment set forth in subsection (b) if 
preliminary analysis indicates that the aggregate effect of the bill, 
resolution, or conference report as measured by the criteria set forth 
in subparagraphs (A) through (G) of subsection (b) is less than 
$100,000,000 or 10,000 jobs in national employment.
    (d) Statement With All Legislation.--The economic and employment 
impact statement required by this section shall accompany each bill, 
resolution, or conference report before such bill, resolution, or 
conference report may be reported or otherwise considered on the floor 
of either House.

SEC. 4. POINT OF ORDER IN HOUSE OR SENATE.

    (a) Rule.--It shall not be in order in either the House of 
Representatives or the Senate to consider on the floor any bill, 
resolution, or conference report, whether or not reported by any 
committee of the House of Representatives or the Senate, unless that 
bill, resolution, or conference report includes the economic and 
employment impact statement required by section 3.
    (b) Waiver.--A point of order made under this section may be waived 
in the Senate by a three-fifths affirmative vote of Senators, duly 
chosen and sworn, and in the House of Representatives by a three-fifths 
affirmative vote of Members, duly chosen and sworn.

SEC. 5. EXECUTIVE REGULATIONS.

    Each regulation and proposed regulation promulgated by a Federal 
department or executive agency shall be accompanied by an economic and 
employment impact statement prepared, in accordance with subsection (b) 
of section 3, by the department or agency promulgating the regulation 
or proposed regulation. The economic and employment impact statement 
shall be published in the Federal Register together with such 
regulation or proposed regulation.

SEC. 6. PROVISION FOR NATIONAL SECURITY EMERGENCY WAIVER.

    (a) Congressional Economic Impact Statements.--The Congress may 
waive the requirements of section 3 at any time in which a declaration 
of war is in effect, or in response to a national security emergency at 
the request of the President.
    (b) Executive Regulations.--The President may waive the 
requirements of section 5 at any time in which a declaration of war is 
in effect, or in response to a national security emergency as 
determined by the President in consultation with Congress.

SEC. 7. REPEAL OF SENATE RULE.

    Paragraph 11 of rule XXVI of the Standing Rules of the Senate is 
repealed.

SEC. 8. EFFECTIVE DATE.

    This Act shall take effect 30 days after the date of enactment of 
the Act.
Economic and Employment Impact Act - Directs the Comptroller General to prepare an economic and employment impact statement to accompany each bill, resolution, or conference report before it may be reported or otherwise considered on the floor of either House of Congress.  Requires such statement to:  (1) state the extent to which enactment of such legislation would result in increased costs to the private sector, individuals, or State and local governments; and (2) include a detailed assessment of the annual impact of such legislation on consumer and business costs, employment, the Gross Domestic Product, and other specified criteria. Provides that such statement may consist of a brief summary assessment if preliminary analysis indicates that the aggregate effect of the legislation is less than $100 million or 10,000 jobs in national employment.  Authorizes the Congress to waive the requirements at any time in which a declaration of war is in effect or in response to a national security emergency at the request of the President. 
Provides that it shall not be in order in either House of Congress to consider any legislation that does not include such a statement. Allows such point of order to be waived. 
Requires each regulation and proposed regulation promulgated by an executive department or agency to be accompanied by such a statement and published with such statement in the Federal Register.  Authorizes the President to waive the requirements of this paragraph at any time in which a declaration of war is in effect or in response to a national security emergency. 
Amends rule XXVI of the Standing Rules of the Senate to repeal provisions concerning congressional committee reports accompanying bills and resolutions.
Economic and Employment Impact Act