SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regulatory Review Act of 2011''.

SEC. 2. IN GENERAL.

    (a) Chapter 5 of title 5, United States Code, is amended by 
inserting after section 553 the following:
``Sec. 553a. Periodic review of major rules
    ``(a) Identification of Major Rules.--On the date that is 6 months 
prior to the date that is 10 years after the date on which a rule takes 
effect, the Administrator of the Office of Information and Regulatory 
Affairs in the Office of Management and Budget shall submit to the 
agency that made that rule and to the Congress a determination as to 
whether or not that rule is a major rule.
    ``(b) Review by Agency.--If an agency receives a determination 
under subsection (a) that a rule is a major rule, the agency head 
shall, not later than 10 years after the date on which the rule takes 
effect and every 10 years thereafter, complete a review of that rule 
consistent with the following:
            ``(1) The review shall identify the costs and benefits of 
        the rule.
            ``(2) The review shall identify each amendment to the rule 
        that would accomplish the same statutory objectives but result 
        in different costs and benefits.
            ``(3) The review shall identify the costs and benefits of 
        repealing the rule.
    ``(c) Publication of Review.--Not later than 30 days after the date 
that is 10 years after the date on which the rule takes effect, the 
agency shall publish in the Federal Register and submit to Congress a 
report summarizing the results of the review under subsection (b), 
including information on each set of costs and benefits identified 
pursuant to paragraphs (1) through (3) of subsection (b).
    ``(d) Comment Phase.--During the 90-day period beginning on the 
date that the report under subsection (c) is published, the agency 
shall give interested persons an opportunity to submit a comment on the 
review through submission of written data, views, or arguments with or 
without opportunity for oral presentation.
    ``(e) Final Determination on the Rule.--After consideration of the 
relevant matter presented, the agency shall make a final determination 
on whether the rule should be amended, continue in effect without 
amendment, or be repealed, and not later than 30 days after the period 
described in subsection (d) expires, publish that final determination 
in the Federal Register. That final determination shall be made as to 
whether there is a way to accomplish the objectives of the rule in a 
more effective, less burdensome, or less costly manner.
    ``(f) Review by the Administrator.--Each final determination by an 
agency under subsection (e) shall be reviewed by the Administrator not 
later than 30 days after the agency publishes that determination. If 
the Administrator determines that the agency determination with regard 
to that rule does not result in an outcome that accomplishes the 
objectives of the rule in a more effective, less burdensome, or less 
costly manner, then the Administrator shall notify the agency promptly 
and the Director of the Office of Management and Budget shall make a 
determination as to whether the agency determination should be revised.
    ``(g) Repealed Rules; Amended Rules.--
            ``(1) Repealed rules.--If the agency determines that the 
        rule should be repealed, the agency may establish a transition 
        period of not more than 6 months for the repeal of the rule. 
        The rule shall cease to have effect beginning on the date that 
        the transition period ends.
            ``(2) Amended rules.--If the agency determines that the 
        rule should be amended, the agency shall, not later than 3 
        months after such determination is made, commence appropriate 
        action in accordance with this chapter to make such amendment.
    ``(h) Judicial Review.--Notwithstanding any other provision of law, 
each determination by an agency under this section shall be subject to 
judicial review under chapter 7.
    ``(i) Report to Congress.--Not later than 30 days after the 
publication a final determination under subsection (e), the agency 
shall submit to Congress a report detailing that determination.
    ``(j) Definitions.--For purposes of this section:
            ``(1) The term `cost' means, with respect to a rule, the 
        cost of that rule, including direct, indirect, and cumulative 
        costs and estimated impacts on jobs, economic growth, 
        innovation, and economic competitiveness, to each person who is 
        significantly affected by the rule.
            ``(2) The term `benefit' means, with respect to a rule, the 
        benefit of that rule, including direct, indirect, and 
        cumulative benefits and estimated impacts on jobs, economic 
        growth, innovation, and economic competitiveness, to each 
        person who is significantly affected by the rule.
    ``(k) Application.--The provisions of this section shall apply only 
to rules that take effect during the period beginning on January 1, 
2011.''.
    (b) Section 551 of title 5, United States Code, is amended as 
follows:
            (1) In paragraph (13), by striking ``and'' at the end.
            (2) In paragraph (14), by striking the period at the end 
        and inserting ``; and''.
            (3) By adding at the end the following:
            ``(15) `major rule' has the meaning given such term in 
        section 804.''.
    (c) The table of sections for chapter 5 of title 5, United States 
Code, is amended by inserting after the entry relating to section 553 
the following:

``553a. Periodic review of major rules.''.
Regulatory Review Act of 2011 - Requires the head of each federal agency to conduct a periodic review (every 10 years) of any rule issued by such agency that is determined to be a major rule and that takes effect during the period beginning on January 1, 2011, to identify: (1) the costs and benefits of such rule, (2) each amendment to such rule that would accomplish the same statutory objectives but result in different costs and benefits, and (3) the costs and benefits of repealing the rule.  Requires the agency to publish the results of such review, submit a summary of the results to Congress, and make a final determination on whether the rule should be amended, continued in effect, or repealed, after providing an opportunity for comment by interested persons.

Defines "major rule" as a rule that has resulted in or is likely to result in: (1) an annual effect on the economy of $100 million or more; (2) a major increase in costs or prices for consumers, individual industries, federal, state, or local government agencies, or geographic regions; or (3) significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of U.S.-based enterprises to compete with foreign-based enterprises in domestic and export markets.
To amend title 5, United States Code, to provide for periodic review of major rules, and for other purposes.