Truth in Regulating Act of 1999

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Truth in Regulating Act of 1999''.

SEC. 2. 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; and
            (3) ``independent analysis'' means a substantive review of 
        the agency's underlying assessments and assumptions used in 
        developing the regulatory action and whatever additional 
        analysis the Comptroller General determines to be necessary.

SEC. 4. PILOT PROJECT FOR REPORT ON RULES.

    (a) In General.--
            (1) Request of review.--When an agency develops or issues 
        an economically significant rule, the Comptroller General of 
        the United States may review the rule at the request of a 
        committee of either House of Congress.
            (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. The report shall include an independent analysis of 
        the economically significant rule by the Comptroller General 
        using any relevant data or analyses available to or generated 
        by the General Accounting Office.
            (3) Independent analysis.--The independent analysis of the 
        economically significant rule by the Comptroller General under 
        paragraph (2) shall include--
                    (A) an analysis 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 analysis 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 analysis of alternative approaches that 
                could achieve the statutory goal in a more cost-
                effective manner or that could provide greater net 
                benefits, and, if applicable, a brief explanation of 
                any reason why such alternatives could not be adopted;
                    (D) an analysis of the extent to which the rule 
                would affect State or local governments; and
                    (E) a summary of how the results of the analysis of 
                the Comptroller General differ, if at all, from the 
                results of the analyses of the agency in promulgating 
                the rule.
            (4) Procedures for priorities of requests.--The Comptroller 
        General shall have discretion to develop procedures for 
        determining the priority and number of requests for review 
        under paragraph (1) for which a report will be submitted under 
        paragraph (2).
    (b) Cooperation with Comptroller General.--Each agency shall 
cooperate with the Comptroller General by promptly providing the 
Comptroller General with such records and information that the 
Comptroller General determines necessary to carry out this Act.

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 2000 
through 2002.

SEC. 6. EFFECTIVE DATE AND DURATION OF PILOT PROJECT.

    (a) Effective Date.--This Act and the amendments made by this Act 
shall take effect 90 days after the date of enactment of this Act.
    (b) Duration of Pilot Project.--The pilot project under this Act 
shall continue for a period of 3 years, if in each fiscal year, or 
portion thereof included in that period, a specific annual 
appropriation not less than $5,200,000 or the pro-rated equivalent 
thereof shall have been made for the pilot project.
    (c) Report.--Before the conclusion of the 3-year period, the 
Comptroller General shall submit to Congress a report reviewing the 
effectiveness of the pilot project and recommending whether or not 
Congress should permanently authorize the pilot project.

Summary: Truth in Regulating Act of 1999 - Allows the Comptroller General, when a Federal agency develops or issues an economically significant rule, to review the rule at the request of a committee of either House of Congress. Defines economically significant rule to mean any proposed or final rule, including an interim or direct final rule, that may have an annual effect on the economy of $100 million 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. Requires the Comptroller General to submit a report on each rule reviewed, including an independent analysis of the costs and benefits, alternative approaches, impact on State and local governments, and differences from the agency's analyses. Grants the Comptroller General discretion to develop procedures for determining the priority and number of requests for review. Authorizes appropriations for FY 2000 through 2002. Provides for the pilot project established under this Act to continue for a three-year period, if specified appropriations are provided. Requires the Comptroller General to report to Congress on such project's effectiveness and on whether it should be authorized permanently.