SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regulatory Right-to-Know Act of 
1999''.

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) increase Government accountability; and
            (3) improve the quality of Federal regulatory programs and 
        rules.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) In general.--Except as otherwise provided in this 
        section, the definitions under section 551 of title 5, United 
        States Code, shall apply to this Act.
            (2) Benefit.--The term ``benefit'' means the reasonably 
        identifiable significant favorable effects, quantifiable and 
        nonquantifiable, including social, health, safety, 
        environmental, economic, and distributional effects, that are 
        expected to result from implementation of, or compliance with, 
        a rule.
            (3) Cost.--The term ``cost'' means the reasonably 
        identifiable significant adverse effects, quantifiable and 
        nonquantifiable, including social, health, safety, 
        environmental, economic, and distributional effects, that are 
        expected to result from implementation of, or compliance with, 
        a rule.
            (4) Director.--The term ``Director'' means the Director of 
        the Office of Management and Budget, acting through the 
        Administrator of the Office of Information and Regulatory 
        Affairs.
            (5) Major rule.--The term ``major rule'' means any rule as 
        that term is defined under section 804(2) of title 5, United 
        States Code.
            (6) Program element.--The term ``program element'' means a 
        rule or related set of rules.

SEC. 4. ACCOUNTING STATEMENT.

    (a) In General.--Not later than February 5, 2001, and each year 
thereafter, the President, acting through the Director of the Office of 
Management and Budget, shall prepare and submit to Congress, with the 
budget of the United States Government submitted under section 1105 of 
title 31, United States Code, an accounting statement and associated 
report containing--
            (1) an estimate of the total annual costs and benefits of 
        Federal regulatory programs, including rules and paperwork--
                    (A) in the aggregate;
                    (B) by agency, agency program, and program element; 
                and
                    (C) by major rule;
            (2) an analysis of direct and indirect impacts of Federal 
        rules on Federal, State, local, and tribal government, the 
        private sector, small business, wages, and economic growth; and
            (3) recommendations to reform inefficient or ineffective 
        regulatory programs or program elements.
    (b) Benefits and Costs.--To the extent feasible, the Director shall 
quantify the net benefits or net costs under subsection (a)(1).
    (c) Years Covered by Accounting Statement.--Each accounting 
statement submitted under this Act shall cover, at a minimum, the costs 
and corresponding benefits for each of the 4 fiscal years preceding the 
year in which the report is submitted. The statement may cover any year 
preceding such years for the purpose of revising previous estimates.

SEC. 5. NOTICE AND COMMENT.

    (a) In General.--Before submitting a statement and report to 
Congress under section 4, the Director of the Office of Management and 
Budget shall--
            (1) provide public notice and an opportunity to comment on 
        the statement and report; and
            (2) consult with the Comptroller General of the United 
        States on the statement and report.
    (b) Appendix.--After consideration of the comments, the Director 
shall incorporate an appendix to the report addressing the public 
comments and peer review comments under section 7.

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

    (a) In General.--Not later than 180 days after the date of 
enactment of this Act, the Director of the Office of Management and 
Budget, in consultation with the Council of Economic Advisors, shall 
issue guidelines to agencies to standardize--
            (1) most plausible measures of costs and benefits; and
            (2) the format of information provided for accounting 
        statements.
    (b) Review.--The Director shall review submissions from the 
agencies to ensure consistency with the guidelines under this section.

SEC. 7. PEER REVIEW.

    (a) In General.--The Director of the Office of Management and 
Budget shall arrange for a nationally recognized public policy research 
organization with expertise in regulatory analysis and regulatory 
accounting to provide independent and external peer review of the 
guidelines and each accounting statement and associated report under 
this Act before such guidelines, statements, and reports are made 
final.
    (b) Written Comments.--The peer review under this section shall 
provide written comments to the Director in a timely manner. The 
Director shall use the peer review comments in preparing the final 
guidelines, statements, and associated reports.
    (c) FACA.--Peer review under this section shall not be subject to 
the Federal Advisory Committee Act (5 U.S.C. App.).
Regulatory Right-to-Know Act of 1999 - Directs the President, acting through the Director of the Office of Management and Budget to submit to the Congress, with the Federal budget each year, an accounting statement and associated report containing: (1) an estimate of the total annual costs and benefits of Federal regulatory programs in the aggregate; by agency, agency program, and program element; and by major rule; (2) an analysis of direct and indirect impacts of Federal rules on Federal, State, local, and tribal government, the private sector, small business, wages, and economic growth; and (3) recommendations to reform inefficient or ineffective regulatory programs or program elements. Requires the accounting statement to cover, at a minimum, the costs and corresponding benefits for the four preceding fiscal years.  Requires the Director: (1) before submitting such statement and report, to provide public notice and an opportunity to comment and to consult with the Comptroller General; and (2) to incorporate an appendix to the report addressing public and peer review comments. 
Requires the Director to: (1) issue guidelines to agencies to standardize most plausible measures of costs and benefits and the format of information provided for accounting statements; and (2) review agency submissions for consistency with such guidelines. 
Directs the Director to arrange for a nationally recognized public policy research organization with expertise in regulatory analysis and regulatory accounting to provide independent and external peer review of the guidelines and each accounting statement and associated report before such guidelines, statements, and reports are made final.
Regulatory Right-to-Know Act of 1999