SECTION 1. ECONOMIC AND EMPLOYMENT IMPACT ACT.

    (a) Short Title.--This Act may be cited as the ``Economic and 
Employment Impact Act''.
    (b) Findings and Purposes.--
            (1) Findings.--The Congress finds that--
                    (A) compliance with Federal regulations is 
                estimated to cost the private sector and State and 
                local governments as much as $850,000,000,000 a year;
                    (B) excessive Federal regulation and mandates 
                increase the cost of doing business and thus hinder 
                economic growth and employment opportunities;
                    (C) State and local governments are forced to 
                absorb the cost of unfunded Federal mandates; and
                    (D) in addition to budget and deficit estimates, 
                Congress and the executive branch decision makers need 
                to be aware of regulatory cost impacts of proposed 
                Federal actions on the private sector and State, local, 
                and tribal governments.
            (2) Purposes.--The purposes of this section are--
                    (A) to ensure that the people of the United States 
                are fully apprised of the impact of Federal legislative 
                and regulatory activity on economic growth and 
                employment;
                    (B) to require both the Congress and the executive 
                branch to acknowledge and to take responsibility for 
                the fiscal and economic effects of legislative and 
                regulatory actions and activities;
                    (C) to provide a means to ensure that congressional 
                and executive branch action are focused on enhancing 
                economic growth and providing increased job 
                opportunities for the people of the United States; and
                    (D) to protect against congressional or executive 
                branch actions which hinder economic growth or 
                eliminate jobs for the people of the United States.
    (c) Economic and Employment Impact Statements for Legislation.--
            (1) Preparation.--The Director of the Congressional Budget 
        Office (referred to as the ``Director'') shall prepare an 
        economic and employment impact statement, as described in 
        paragraph (2), to accompany each bill or joint resolution 
        reported by any committee (except the Committee on 
        Appropriations) of the House of Representatives or the Senate 
        or considered on the floor of either House.
            (2) Contents.--The economic and employment impact statement 
        required by paragraph (1) shall include the following:
                    (A) An estimate of the numbers of individuals and 
                businesses who would be regulated by the bill or joint 
                resolution and a determination of the groups and 
                classes of such individuals and businesses;
                    (B) A determination of the economic impact of such 
                regulation on individuals, consumers, and businesses 
                affected.
                    (C)(i) An estimate of the costs which would be 
                incurred by the private sector in carrying out or 
                complying with such bill or joint 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 for each such estimate.
                    (ii) Estimates required by this subparagraph shall 
                include specific data on costs imposed on groups and 
                classes of individuals and businesses, including small 
                business and consumers, and employment impacts on those 
                individuals and businesses.
                    (D) An estimate of the costs that would be incurred 
                by State and local governments, which shall include--
                            (i) the estimates required by section 403 
                        of the Congressional Budget Act of 1974; and
                            (ii) an evaluation of the extent of the 
                        costs of the Federal mandates arising from such 
                        bill or joint resolution in comparison with 
                        funding assistance provided by the Federal 
                        Government to address the costs of complying 
                        with such mandates.
            (3) Report not available.--If compliance with the 
        requirements of paragraph (1) is impracticable, the Director 
        shall submit a statement setting forth the reasons for 
        noncompliance.
            (4) Statement to accompany committee reports.--The economic 
        and employment impact statement required by this subsection 
        shall accompany each bill or joint resolution reported or 
        otherwise considered on the floor of either House. Such 
        statement shall be printed in the committee report upon timely 
        submission to the committee. If not timely filed or otherwise 
        unavailable for publication in the committee report, the 
        economic and regulatory statement shall be published in the 
        Congressional Record not less than 2 calendar days prior to any 
        floor consideration of a bill or joint resolution subject to 
        the provisions of this subsection by either House.
            (5) Committee statements optional.--Nothing in this 
        subsection shall be construed to modify or otherwise affect the 
        requirements of paragraph 11(b) of rule XXVI of the Standing 
        Rules of the Senate, regarding preparation of an evaluation of 
        regulatory impact.
    (d) Economic and Employment Impact Statement for Executive Branch 
Regulations.--
            (1) Preparation.--Each Federal department or executive 
        branch agency shall prepare an economic and employment impact 
        statement, as described in paragraph (2), to accompany 
        regulatory actions.
            (2) Contents.--The economic and employment impact statement 
        required by paragraph (1) shall include the following:
                    (A) An estimate of the numbers of individuals and 
                businesses who would be regulated by the regulatory 
                action and a determination of the groups and classes of 
                such individuals and businesses.
                    (B) A determination of the economic impact of such 
                regulation on individuals, consumers, and businesses 
                affected.
                    (C)(i) An estimate of the costs which would be 
                incurred by the private sector in carrying out or 
                complying with such regulatory action 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 for each such estimate.
                    (ii) The estimate required by this subparagraph 
                shall include specific data on costs on groups and 
                classes of individuals and businesses, including small 
                business and consumers, and employment impacts on those 
                individuals and businesses.
                    (D) An estimate of the costs that would be incurred 
                by State and local governments, which shall include--
                            (i) an estimate of cost which would be 
                        incurred by State and local governments in 
                        carrying out or complying with the regulatory 
                        action 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 for such estimate;
                            (ii) a comparison of the estimates of costs 
                        described in clause (i), with any available 
                        estimates of costs made by any Federal or State 
                        agency;
                            (iii) if the agency determines that the 
                        regulatory action is likely to result in annual 
                        cost to State and local governments of 
                        $200,000,000 or more, or is likely to have 
                        exceptional fiscal consequences for a 
                        geographic region or a particular level of 
                        government, a statement by the agency detailing 
                        such results or consequences; and
                            (iv) an evaluation of the extent of the 
                        costs of the Federal mandates arising from the 
                        regulatory action in comparison with funding 
                        assistance provided by the Federal Government 
                        to address the costs of complying with such 
                        mandates.
            (4) Report not available.--If compliance with the 
        requirements of paragraph (1) is impracticable, the agency or 
        department shall submit a statement setting forth the reasons 
        for noncompliance.
            (5) Statement to accompany federal regulatory actions.--The 
        economic and employment impact statement with respect to a 
        regulatory action required by this subsection shall be 
        published in the Federal Register together with the publication 
        of such regulatory action. If the regulatory action is not 
        published in the Federal Register, the economic and employment 
        impact statement shall be made available to the public in a 
        timely manner.
            (6) Definition of ``regulatory action''.--For purposes of 
        this subsection, the term ``regulatory action'' means any 
        substantive action by a Federal agency (required to be or 
        customarily published in the Federal Register) that promulgates 
        or is expected to lead to the promulgation of a final rule or 
        regulation, including notices of inquiry, advance notices of 
        proposed rulemaking, notices of proposed rulemaking, interim 
        final rules, and final rules and regulations.
    (e) Provision for National Security Emergency Waiver.--
            (1) Congressional economic impact statements.--The Congress 
        may waive the requirements of subsection (c) at any time in 
        which a declaration of war is in effect, or in response to a 
        national security emergency at the request of the President.
            (2) Executive regulations economic impact statements.--The 
        President may waive the requirements of subsection (d) at any 
        time in which a declaration of war is in effect, or in response 
        to a national security emergency as determined by the President 
        in consultation with Congress.
Economic and Employment Impact Act - Requires the Director of the Congressional Budget Office to prepare an economic and employment impact statement to accompany each bill or joint resolution reported by any congressional committee (except the Committee on Appropriations) or considered on the floor of either House.  Requires such statement to include:  (1) an estimate of the numbers of individuals and businesses who would be regulated by the legislation and their groups and classes; (2) the economic impact of such regulation on individuals, consumers, and businesses affected; and (3) an estimate of costs which would be incurred by the private sector in complying with such legislation in each of the five fiscal years after it is to become effective, together with the basis for each such estimate, and of costs which would be incurred by State and local governments. 
Requires the statement to be printed in the committee report and, if unavailable for such publication, published in the Congressional Record within two calendar days before any floor consideration of the legislation by either House. 
Requires each executive department and agency to prepare such a statement to accompany regulatory actions, publish the statement in the Federal Register together with the regulatory action, and make the statement available to the public if such action is not published in the Federal Register. 
Provides that nothing in this Act shall be construed to modify or otherwise affect the requirements of rule XXVI of the Standing Rules of the Senate regarding committee preparation of an evaluation of regulatory impact with respect to legislation. 
Requires the Director, department, or agency to submit a statement setting forth the reasons if it is impracticable to comply with this Act. 
Sets forth provisions authorizing a national security emergency waiver of Act requirements under specified circumstances.
Economic and Employment Impact Act