SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Regulation Reduction, 
Reform, and Budget Act of 1993''.

SEC. 2. AMENDMENTS TO THE CONGRESSIONAL BUDGET ACT OF 1974.

    (a) Federal Regulatory Budget Cost Control System.--Title III of 
the Congressional Budget Act of 1974 is amended by inserting before 
section 300 the following new center heading ``PART A--GENERAL 
PROVISIONS'' and by adding at the end the following new part:

            ``PART B--FEDERAL REGULATORY BUDGET COST CONTROL

SEC. 321. OMB-CBO REPORTS.

    ``(a) OMB-CBO Initial Report.--Within 1 year after the date of 
enactment of this section, OMB and CBO shall jointly issue a report to 
the President and each House of Congress that contains the following:
            ``(1) For the first budget year beginning after the 
        issuance of this report, a projection of the aggregate direct 
        cost to the private sector of complying with all Federal 
        regulations in effect immediately before issuance of the report 
        containing the projection for that budget year of the effect of 
        current-year Federal regulations into the budget year and the 
        outyears based on those regulations.
            ``(2) A calculation of the estimated aggregate direct cost 
        to the private sector of compliance with all Federal 
        regulations as a percentage of the gross domestic product 
        (GDP).
            ``(3) The estimated marginal cost (measured as a reduction 
        in estimated gross domestic product) to the private sector of 
        compliance with all Federal regulations in excess of 5 percent 
        of the gross domestic product.
            ``(4) The effect on the domestic economy of different types 
        of Federal regulation.
            ``(5) The appropriate level of personnel, administrative 
        overhead, and programmatic savings that should be achieved on a 
        fiscal year by fiscal year basis by Federal agencies that issue 
        regulations with direct costs to the private sector through the 
        reduction of such aggregate costs to the private sector by 
        equal percentage increments in the 6 years following the budget 
        year until the aggregate level of such costs does not exceed 5 
        percent of the estimated gross domestic product for the same 
        fiscal year as the estimated costs that will be incurred.
            ``(6) Recommendations for budgeting, technical, and 
        estimating changes to improve the Federal regulatory budgeting 
        process.
    ``(b) Update Reports.--OMB and CBO shall issue update reports on 
September 15th of the fifth year beginning after issuance of the 
initial report and at 5-year intervals thereafter containing all the 
information required in the initial report, but based upon all Federal 
regulations in effect immediately before issuance of the most recent 
update report.
    ``(c) Initial Baseline Report.--Within 30 days after the date of 
enactment of this section, OMB and CBO shall jointly issue a report to 
the President and each House of Congress that contains an initial 
aggregate regulatory baseline for the first budget year that begins at 
least 120 days after that date of enactment. That baseline will be a 
projection of the aggregate direct cost to the private sector of 
complying with all Federal regulations in effect immediately before 
issuance of the report containing the projection for that budget year 
of the effect of current-year Federal regulations into the budget year 
and the outyears based on those regulations.

``SEC. 322. AGGREGATE REGULATORY BASELINE.

    ``(a) In General.--For the first budget year beginning after the 
date of enactment of this section and for every other fiscal year 
thereafter, the aggregate regulatory baseline refers to a projection of 
the aggregate direct cost to the private sector of complying with all 
Federal regulations in effect immediately before issuance of the report 
containing the projection for that budget year of the effect of 
current-year Federal regulations into the budget year and the outyears 
based on those regulations. However, in the case of each of the 
succeeding fiscal years, the baseline shall be adjusted for the 
estimated growth during that year in the gross domestic product (GDP)
    ``(b) OMB-CBO Aggregate Regulatory Baseline Reports.--(1) The first 
budget year for which there shall be an aggregate regulatory baseline 
shall be the budget year to which the initial OMB-CBO baseline report 
issued under section 321(c) pertains.
    ``(2) In the case of each budget year after the budget year 
referred to in paragraph (1), not later than September 15 of the 
current year, OMB and CBO shall jointly issue a report containing the 
baseline referred to in subsection (a) for that budget year.

``SEC. 323. RECONCILIATION AND ALLOCATIONS.

    ``(a) Reconciliation Directives.--In addition to the requirements 
of section 310, a concurrent resolution on the budget for any fiscal 
year shall specify--
            ``(1) changes in laws and regulations necessary to reduce 
        the aggregate direct cost to the private sector of complying 
        with all Federal regulations by 6.5 percent for the budget year 
        (as measured against the aggregate regulatory baseline for the 
        first budget year to which this part applies) and by equal 
        percentage increments for each of the outyears (until the 
        aggregate level of such costs does not exceed 5 percent of the 
        estimated gross domestic product for the same fiscal year as 
        the estimated costs that will be incurred) for Federal agencies 
        that issue regulations producing direct costs to the private 
        sector; and
            ``(2) changes in laws necessary to achieve reductions in 
        the level of personnel and administrative overhead and to 
        achieve programmatic savings for the budget year and the 
        outyears for those agencies of the following:
                    ``(A) In the first outyear, one-fourth of the 
                percent of reduction in regulatory authority from the 
                aggregate regulatory base.
                    ``(B) In the second outyear, one-third of the 
                percent of reduction in regulatory authority from the 
                aggregate regulatory base.
                    ``(C) In the third, fourth, fifth, and sixth years 
                following the budget year, one-half of the percent of 
                reduction in regulatory authority from the aggregate 
                regulatory base.
Section 310(c) shall not apply with respect to directions made under 
this section.
    ``(b) Allocation of Totals.--(1) The Committees on the Budget of 
the House or Representatives and the Senate shall each allocate 
aggregate 2-year regulatory authority among each committee of its House 
and by major functional category for the first budget year beginning 
after the date of enactment of this section and for the second, fourth, 
and sixth years following the budget year and then every other year 
thereafter.
    ``(2) As soon as practicable after receiving an allocation under 
paragraph (1), each committee shall subdivide its allocation among its 
subcommittees or among programs over which it has jurisdiction.
    ``(c) Point of Order.--(1) It shall not be in order in the House of 
Representatives or the Senate to consider any bill or resolution, or 
amendment thereto, which would cause the appropriate allocation made 
under subsection (b) for a fiscal year of regulatory authority to be 
exceeded.
    ``(2) Waiver.--The point of order set forth in paragraph (1) may 
only be waived by the affirmative vote of at least three-fifths of the 
Members voting, a quorum being present.
    ``(d) Determinations by Budget Committees.--For purposes of this 
section, the level of regulatory authority for a fiscal year shall be 
determined by the Committee on the Budget of the House of 
Representatives or the Senate, as the case may be.
    ``(e) Exceeding Allocation Totals.--Whenever any Committee of the 
House of Representatives exceeds its allocation of aggregate 2-year 
regulatory authority under subsection (b)(1), any Member of the House 
of Representatives may offer a bill in the House (which shall be highly 
privileged, unamendable, and debateable for 30 minutes) which shall 
only prohibit the issuance of regulations by any agency under the 
jurisdiction of that committee for the fiscal years covered by that 
allocation until that committee eliminates its breach.

``SEC. 324. ANALYSIS OF REGULATORY COSTS BY CONGRESSIONAL BUDGET 
              OFFICE.

    ``CBO shall prepare for each bill or resolution of a public 
character reported by any committee of the House of Representatives or 
the Senate (except the Committee on Appropriations of each House), and 
submit to such committee--
            ``(1) an estimate of the costs which would be incurred by 
        the private sector in carrying out or complying with such bill 
        or resolution in the fiscal year in which it is to become 
        effective and in each of the 4 fiscal years following such 
        fiscal year, together with the basis of each such estimate; and
            ``(2) a comparison of the estimate of costs described in 
        paragraph (1) with any available estimates of costs made by 
        such committee or by any Federal agency.

``SEC. 325. DEFINITIONS.

    ``As used in this part:
            ``(1) The term `CBO' refers to the Director of the 
        Congressional Budget Office.
            ``(2) The term `OMB' refers to the Director of the Office 
        of Management and Budget.
            ``(3) The term `regulatory authority' or `regulatory cost' 
        means the direct cost to the private sector of complying with 
        Federal regulations.
            ``(4) The term `direct costs' means (recognizing that 
        direct costs are not the only costs associated with Federal 
        regulation) all expenditures occurring as a direct result of 
        complying with Federal regulation, rule, statement, or 
        legislation, except those applying to the military or agency 
        organization, management, and personnel.''.

SEC. 3. PRESIDENT'S ANNUAL BUDGET SUBMISSIONS.

    Section 1105(a) of title 31, United States Code, is amended by 
adding at the end the following new paragraph:
            ``(29) a regulatory authority budget analysis of the 
        aggregate direct cost to the private sector of complying with 
        all current and proposed Federal regulations and proposals for 
        complying with section 323 of the Congressional Budget Act of 
        1974 for the budget year and the outyears.''

SEC. 4. ESTIMATION AND DISCLOSURE OF COSTS OF FEDERAL REGULATION.

    (a) Costs to Private Sector of New Federal Regulations.--Chapter 6 
of title 5, United States Code, popularly known as the ``Regulatory 
Flexibility Act'', is amended--
            (1) in section 603(a) in the second sentence by inserting 
        before the period the following: ``and the monetary costs to 
        small entities, other businesses, and individuals of complying 
        with the proposed rule'';
            (2) by adding at the end of section 603 the following:
    ``(d) Each initial regulatory flexibility analysis shall also 
contain a description of the nature and amount of monetary costs that 
will be incurred by small entities, other businesses, and individuals 
in complying with the proposed rule.'';
            (3) in section 604(a)--
                    (A) in paragraph (2) by striking ``and'' after the 
                semicolon;
                    (B) in paragraph (3) by striking the period and 
                inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(4) a statement of the nature and amount of monetary 
        costs that will be incurred by small entities, other 
        businesses, and individuals in complying with the rule.''; and
            (4) in section 607 by inserting before the period the 
        following: ``, except that estimates of monetary costs under 
        sections 603(d) and 604(a)(4) shall only be in the form of a 
        numerical description''.
    (b) Agency Reports.--Each agency that prepares an initial 
regulatory flexibility analysis under chapter 6 of title 5, United 
States Code, shall, at the same time submit to each House of Congress 
and to CBO and OMB a cost estimate and cost benefit analysis of any new 
proposed regulations that would have an aggregate direct cost to the 
private sector of at least $10,000,000 for any fiscal year.
Federal Regulation Reduction, Reform, and Budget Act of 1993 - Amends the Congressional Budget Act of 1974 to require the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) to jointly report to the President and the Congress on direct costs to the private sector of complying with Federal regulations.  Requires such reports to be issued in five-year intervals. 
Provides for initial and subsequent annual reports to the President and the Congress on an aggregate regulatory baseline which is a projection of the aggregate direct cost to the private sector of complying with Federal regulations for budget years and outyears. 
Requires a concurrent resolution on the budget to include reconciliation directives specifying changes in laws and regulations necessary to reduce such direct costs and to reduce regulatory authority from the aggregate regulatory base.  Provides for the allocation of aggregate two-year regulatory authority among congressional committees. 
Requires the CBO to submit to the appropriate committees (except the Committees on Appropriations) an analysis of private sector regulatory costs for each public bill or resolution. 
Requires the President's annual budget submissions to comply with reconciliation directives. 
Amends the Regulatory Flexibility Act to require Federal agencies to prepare an analysis of the costs that will be incurred by small entities, other businesses, and individuals in complying with proposed agency rules.  Requires the submission to the Congress and CBO and OMB of a cost estimate and cost benefit analysis of any new proposed regulations that would have an aggregate direct cost to the private sector of at least $10 million for any fiscal year.
Federal Regulation Reduction, Reform, and Budget Act of 1993