SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Truth in Regulating Act of 2000''.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--Congress finds that--
            (1) many Federal regulations have improved the quality of 
        life of the American public, however, uncontrolled increases in 
        regulatory costs and lost opportunities for better regulation 
        should not be continued;
            (2) the legislative branch has a responsibility to ensure 
        that laws passed by Congress are properly implemented by the 
        executive branch; and
            (3) in order for the legislative branch to fulfill its 
        responsibilities to ensure that laws passed by Congress are 
        implemented in an efficient, effective, and fair manner, the 
        Congress requires accurate and reliable information on which to 
        base decisions.
    (b) Purposes.--The purposes of this Act are to--
            (1) increase the transparency of important regulatory 
        decisions;
            (2) promote effective congressional oversight to ensure 
        that agency rules fulfill statutory requirements in an 
        efficient, effective, and fair manner; and
            (3) increase the accountability of Congress and the 
        agencies to the people they serve.

SEC. 3. DEFINITIONS.

    In this Act, the term--
            (1) ``agency'' has the meaning given such term under 
        section 551(1) of title 5, United States Code;
            (2) ``economically significant rule'' means any proposed or 
        final rule, including an interim or direct final rule, that may 
        have an annual effect on the economy of $100,000,000 or more or 
        adversely affect in a material way the economy, a sector of the 
        economy, productivity, competition, jobs, the environment, 
        public health or safety, or State, local, or tribal governments 
        or communities, or for which an agency has prepared an initial 
        or final regulatory flexibility analysis pursuant to section 
        603 or 604 of title 5, United States Code; and
            (3) ``independent evaluation'' means a substantive 
        evaluation of the agency's and the public's data, methodology, 
        and assumptions used in developing the economically significant 
        rule, and any additional evaluation that the Comptroller 
        General determines to be necessary, including--
                    (A) an explanation of how any strengths or 
                weaknesses in those data, methodology, and assumptions 
                support or detract from conclusions reached by the 
                agency; and
                    (B) the implications, if any, of those strengths or 
                weaknesses for the rulemaking.

SEC. 4. REPORT ON RULES.

    (a) In General.--
            (1) Request for review.--When an agency publishes an 
        economically significant rule, a chairman or ranking member of 
        a committee of jurisdiction of either House of Congress may 
        request the Comptroller General of the United States to review 
        the rule.
            (2) Report.--The Comptroller General shall submit a report 
        on each economically significant rule selected under paragraph 
        (4) to the committees of jurisdiction in each House of Congress 
        not later than 180 calendar days after a committee request is 
        received, or in the case of a request for review of a notice of 
        proposed rulemaking or an interim final rulemaking, by not 
        later than the end of the 60-calendar-day period beginning on 
        the date the committee request is received, or the end of the 
        period for submission of comment regarding the rulemaking, 
        whichever is later. The report shall include an independent 
        evaluation of the economically significant rule by the 
        Comptroller General.
            (3) Independent evaluation.--The independent evaluation of 
        the economically significant rule by the Comptroller General 
        under paragraph (2) shall include--
                    (A) an evaluation of the potential benefits of the 
                rule, including any beneficial effects that cannot be 
                quantified in monetary terms and the identification of 
                the persons or entities likely to receive the benefits;
                    (B) an evaluation of the potential costs of the 
                rule, including any adverse effects that cannot be 
                quantified in monetary terms and the identification of 
                the persons or entities likely to bear the costs;
                    (C) an evaluation of any alternative approaches 
                that could achieve the same goal in a more cost-
                effective manner or that could provide greater net 
                benefits, and, if applicable, a brief explanation of 
                any statutory reasons why such alternatives could not 
                be adopted;
                    (D) an evaluation of the regulatory impact 
                analysis, federalism assessment, or other analysis or 
                assessment prepared by the agency or required for the 
                economically significant rule; and
                    (E) a summary of the results of the evaluation of 
                the Comptroller General and the implications of those 
                results, including an evaluation of any changes from 
                the proposed rule made by the agency in the final rule.
            (4) Procedures for priorities of requests.--In consultation 
        with the Majority and Minority Leaders of the Senate and the 
        Speaker and Minority Leader of the House of Representatives, 
        the Comptroller General shall develop procedures for 
        determining the priority and number of those requests for 
        review under paragraph (1) that will be reported under 
        paragraph (2). The procedures shall give the highest priority 
        to requests regarding a notice of proposed rulemaking, and to 
        requests regarding an interim final rulemaking.
    (b) Authority of Comptroller General.--Each agency shall promptly 
cooperate with the Comptroller General in carrying out this Act. 
Nothing in this Act is intended to expand or limit the authority of the 
General Accounting Office.

SEC. 5. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the General Accounting 
Office to carry out this Act $5,200,000 for each of fiscal years 2001 
through 2003.

SEC. 6. EFFECTIVE DATE; SUNSET PROVISION.

    (a) Effective Date.--This Act shall take effect 180 days after the 
date of enactment of this Act.
    (b) Sunset Provision.--This Act shall not apply with respect to 
rules published on or after the date that is 3 years after the 
effective date of this Act.
Requires the Comptroller General to submit a report on each rule reviewed, including an independent evaluation of: (1) the costs and benefits; (2) alternative approaches that could achieve the same goal more cost-effectively or that could provide greater net benefits, and if applicable, a brief explanation of any statutory reasons why such alternatives could not be adopted; (3) the regulatory impact analysis, federalism assessment, or other analysis or assessment prepared by the agency or required for the rule; and (4) the results of the evaluation and the implication of those results, including an evaluation of any changes from the proposed rule made by the agency in the final rule. Requires the Comptroller General to develop procedures for determining the priority and number of requests for review which give the highest priority to requests regarding a notice of proposed rulemaking and to requests regarding an interim final rulemaking.
Authorizes appropriations for FY 2001 through 2003.
Provides that this Act shall not apply to rules published after three years after its effective date.
Truth in Regulating Act of 2000