SECTION 1. RISK ASSESSMENT AND COST-BENEFIT ANALYSIS.

    (a) Requirement.--Except as provided in subsection (b), in 
promulgating any proposed or final major regulation relating to human 
health or the environment, the Administrator of the Environmental 
Protection Agency shall publish in the Federal Register along with the 
regulation a clear and concise statement that--
            (1) describes and, to the extent practicable, quantifies 
        the risks to human health or the environment to be addressed by 
        the regulation (including, where applicable and practicable, 
        the human health risks to significant subpopulations who are 
        disproportionately exposed or particularly sensitive);
            (2) compares the human health or environmental risks to be 
        addressed by the regulation to other risks chosen by the 
        Administrator, including--
                    (A) at least three other risks regulated by the 
                Environmental Protection Agency or another Federal 
                agency; and
                    (B) at least three other risks that are not 
                directly regulated by the Federal Government;
            (3) estimates--
                    (A) the costs to the United States Government, 
                State and local governments, and the private sector of 
                implementing and complying with the regulation; and
                    (B) the benefits of the regulation;
        including both quantifiable measures of costs and benefits, to 
        the fullest extent that they can be estimated, and qualitative 
        measures that are difficult to quantify; and
            (4) contains a certification by the Administrator that--
                    (A) the analyses performed under paragraphs (1) 
                through (3) are based on the best reasonably obtainable 
                scientific information;
                    (B) the regulation is likely to significantly 
                reduce the human health or environmental risks to be 
                addressed;
                    (C) there is no regulatory alternative that is 
                allowed by the statute under which the regulation is 
                promulgated and that would achieve an equivalent 
                reduction in risk in a more cost-effective manner, 
                along with a brief explanation of why other such 
                regulatory alternatives that were considered by the 
                Administrator were found to be less cost-effective; and
                    (D) the regulation is likely to produce benefits to 
                human health or the environment that will justify the 
                costs to the United States Government, State and local 
                governments, and the private sector of implementing and 
                complying with the regulation.
    (b) Substantially Similar Final Regulations.--If the Administrator 
determines that a final major regulation is substantially similar to 
the proposed version of the regulation with respect to each of the 
matters referred to in subsection (a), the Administrator may publish in 
the Federal Register a reference to the statement published under 
subsection (a) for the proposed regulation in lieu of publishing a new 
statement for the final regulation.
    (c) Reporting.--If the Administrator cannot certify with respect to 
one or more of the matters addressed in subsection (a)(4), the 
Administrator shall identify those matters for which certification 
cannot be made, and shall include a statement of the reasons therefor 
in the Federal Register along with the regulation. Not later than March 
1 of each year, the Administrator shall submit a report to Congress 
identifying those major regulations promulgated during the previous 
calendar year for which complete certification was not made, and 
summarizing the reasons therefor.
    (d) Other Requirements.--Nothing in this section affects any other 
provision of Federal law, or changes the factors that the Administrator 
is authorized to consider in promulgating a regulation pursuant to any 
statute, or shall delay any action required to meet a deadline imposed 
by statute or a court.
    (e) Judicial Review.--Nothing in this section creates any right to 
judicial or administrative review, nor creates any right or benefit, 
substantive or procedural, enforceable at law or equity by a party 
against the United States, its agencies or instrumentalities, its 
officers or employees, or any other person. If a major regulation is 
subject to judicial or administrative review under any other provision 
of law, the adequacy of the certification prepared pursuant to this 
section, and any alleged failure to comply with this section, may not 
be used as grounds for affecting or invalidating such major regulation, 
although the statements and information prepared pursuant to this 
section, including statements contained in the certification, may be 
considered as part of the record for judicial or administrative review 
conducted under such other provision of law.
    (f) Definition of Major Regulation.--For purposes of this section, 
``major regulation'' means a regulation that the Administrator 
determines may have an effect on the economy of $100,000,000 or more in 
any one year.
    (g) Effective Date.--This section shall take effect 180 days after 
the date of enactment of this Act.
Directs the Administrator of the Environmental Protection Agency, in promulgating any proposed or final major regulation relating to human health or the environment, to publish in the Federal Register, along with the regulation, a statement that:  (1) describes and quantifies the risks to human health and the environment to be addressed by the regulation; (2) compares such risks to other risks chosen by the Administrator; (3) estimates the costs to the U.S.  Government, State and local governments, and the private sector of implementing and complying with the regulation and the benefits of the regulation; and (4) contains a certification that analyses performed are based on the best obtainable scientific information, the regulation is likely to reduce the risks to be addressed, there is no regulatory alternative that would achieve an equivalent reduction in risk in a more cost-effective manner, and the regulation is likely to produce benefits to human health or the environment that will justify the costs of compliance. 
Defines a "major regulation" as one that may have an effect on the economy of $100 million or more in any one year. 
Authorizes the Administrator, if a final regulation is substantially similar to the proposed version, to publish a reference to the statement of the proposed regulation in lieu of publishing a new statement for the final regulation.
A bill to require the Administrator of the Environmental Protection Agency to conduct risk assessments and cost-benefit analyses in promulgating regulations relating to human health and the environment, and for other purposes.