Regulatory Right-to-Know Act of 1999

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regulatory Right-to-Know Act of 
1999''.

SEC. 2. PURPOSES.

    The purposes of this Act are to--
            (1) promote the public right-to-know about the costs and 
        benefits of Federal regulatory programs and rules;
            (2) increase Government accountability; and
            (3) improve the quality of Federal regulatory programs and 
        rules.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) In general.--Except as otherwise provided in this 
        section, the definitions under section 551 of title 5, United 
        States Code, shall apply to this Act.
            (2) Benefit.--The term ``benefit'' means the reasonably 
        identifiable significant favorable effects, quantifiable and 
        nonquantifiable, including social, health, safety, 
        environmental, and economic effects, that are expected to 
        result from implementation of, or compliance with, a rule.
            (3) Cost.--The term ``cost'' means the reasonably 
        identifiable significant adverse effects, quantifiable and 
        nonquantifiable, including social, health, safety, 
        environmental, and economic effects, that are expected to 
        result from implementation of, or compliance with, a rule.
            (4) Director.--The term ``Director'' means the Director of 
        the Office of Management and Budget.
            (5) Major rule.--The term ``major rule'' has the meaning 
        that term has under section 804(2) of title 5, United States 
        Code.
            (6) Nonmajor rule.--The term ``nonmajor rule'' means any 
        rule, as that term is defined in section 804(3) of title 5, 
        United States Code, other than a major rule.
            (7) Paperwork.--The term ``paperwork'' has the meaning 
        given the term ``collection of information'' under section 3502 
        of title 44, United States Code.
            (8) Program component.--The term ``program component'' 
        means a set of related rules.

SEC. 4. ACCOUNTING STATEMENT.

    (a) In General.--Not later than February 5, 2001, and on the first 
Monday in February of each year thereafter, the President, acting 
through the Director of the Office of Management and Budget, shall 
prepare and submit to the Congress an accounting statement and 
associated report containing an estimate of the total annual costs and 
benefits of Federal regulatory programs, including rules and 
paperwork--
            (1) in the aggregate;
            (2) by agency, agency program, and program component; and
            (3) by major rule.
    (b) Additional Information.--In addition to the information 
required under subsection (a), the Director shall include in each 
accounting statement under subsection (a) the following information:
            (1) An analysis of impacts of Federal rules and paperwork 
        on Federal, State, local, and tribal government, the private 
        sector, small business, wages, consumer prices, economic growth 
        as well as on public health, public safety, the environment, 
        consumer protection, equal opportunity, and other public policy 
        goals.
            (2) An identification and analysis of overlaps, 
        duplications, and potential inconsistencies among Federal 
        regulatory programs.
            (3) Recommendations to reform inefficient or ineffective 
        regulatory programs or program components, including 
        recommendations for addressing market failures that are not 
        adequately addressed by existing regulatory programs or program 
        components.
    (c) Net Benefits and Costs.--To the extent feasible, the Director 
shall, in estimates contained in any submission under subsection (a), 
quantify the net benefits or net costs of--
            (1) each program component covered by the submission;
            (2) each major rule covered by the submission; and
            (3) each option for which costs and benefits were included 
        in any regulatory impact analysis issued for any major rule 
        covered by the submission.
    (d) Summary of Regulatory Activity.--The Director shall include in 
each submission under subsection (a) a table stating the number of 
major rules and the number of nonmajor rules issued by each agency in 
the preceding fiscal year.
    (e) Years Covered by Accounting Statement.--Each accounting 
statement submitted under this section shall, at a minimum--
            (1) cover expected costs and benefits for the fiscal year 
        for which the statement is submitted and each of the 4 fiscal 
        years following that fiscal year;
            (2) cover previously expected costs and benefits for each 
        of the 2 fiscal years preceding the fiscal year for which the 
        statement is submitted, or the most recent revision of such 
        costs and benefits; and
            (3) with respect to each major rule, include the estimates 
        of costs and benefits for each of the fiscal years referred to 
        in paragraphs (1) and (2) that were included in the regulatory 
        impact analysis that was prepared for the major rule.
    (f) Delayed Application of Certain Requirements.--
            (1) Application after first statement.--The following 
        requirements shall not apply to the first accounting statement 
        submitted under this section:
                    (A) The requirement under subsection (a)(2) to 
                include estimates with respect to program components.
                    (B) The requirement under subsection (b)(2).
            (2) Application after second statement.--The requirement 
        under subsection (b)(1) to include analyses of impacts on 
        wages, consumer prices, economic growth, public health, public 
        safety, the environment, consumer protection, equal 
        opportunity, and other public policy goals shall not apply to 
        the first and second accounting statements submitted under this 
        section.

SEC. 5. NOTICE AND COMMENT.

    (a) In General.--Before submitting an accounting statement and the 
associated report to Congress under section 4, and before preparing 
final guidelines under section 6, the Director of the Office of 
Management and Budget shall--
            (1) provide public notice and an opportunity of at least 60 
        days for submission of comments on the statement and report or 
        guidelines, respectively; and
            (2) consult with the Director of the Congressional Budget 
        Office on the statement and report or guidelines, respectively.
    (b) Appendix.--After consideration of the comments, the Director 
shall include an appendix to the report or guidelines, respectively, 
addressing the public comments and peer review comments under section 
7.
    (c) Availability of Peer Review Comments.--To ensure openness, the 
Director shall make all final peer review comments available in their 
entirety to the public.

SEC. 6. GUIDELINES FROM THE OFFICE OF MANAGEMENT AND BUDGET.

    (a) In General.--Not later than 270 days after the date of 
enactment of this Act, the Director of the Office of Management and 
Budget, in consultation with the Council of Economic Advisers, shall 
issue guidelines to agencies to standardize--
            (1) most plausible measures of costs and benefits;
            (2) the means of gathering information used to prepare 
        accounting statements under this Act, including information 
        required for impact analyses required under section 4(b)(1); 
        and
            (3) the format of information provided for accounting 
        statements, including summary tables.
    (b) Review.--The Director shall review submissions from the 
agencies to ensure consistency with the guidelines under this section.

SEC. 7. PEER REVIEW.

    (a) In General.--The Director of the Office of Management and 
Budget shall arrange for two or more persons that have nationally 
recognized expertise in regulatory analysis and regulatory accounting 
and that are independent of and external to the Government, to provide 
peer review of each accounting statement and associated report under 
section 4 and the guidelines under section 6 before the statement, 
report, or guidelines are final.
    (b) Written Comments.--The peer review under this section shall 
provide written comments to the Director in a timely manner. The 
Director shall use the peer review comments in preparing the final 
statements, associated reports, and guidelines.
    (c) FACA.--Peer review under this section shall not be subject to 
the Federal Advisory Committee Act (5 U.S.C. App.).
    (d) Balance and Independence.--The Director shall ensure that--
            (1) the persons that provide peer review under subsection 
        (a) are fairly balanced with respect to the points of view 
        represented;
            (2) no person that provides peer review under subsection 
        (a) has a conflict of interest that is relevant to the 
        functions to be performed in the review; and
            (3) the comments provided by those persons--
                    (A) are not inappropriately influenced by any 
                special interest; and
                    (B) are the result of independent judgment.

SEC. 8. SPECIAL RULES RELATING TO CERTAIN FEDERAL BANKING AGENCIES AND 
              MONETARY POLICY.

    (a) Transfer of Authority and Duties of Director.--The head of each 
Federal banking agency (as that term is defined in section 3(z) of the 
Federal Deposit Insurance Act (12 U.S.C. 1813(z)) and the National 
Credit Union Administration, and not the Director, shall exercise all 
authority and carry out all duties otherwise vested under this Act in 
the Director with respect to that agency, other than the authority and 
duty to submit accounting statements and reports under section 4(a). 
The head of each such agency shall submit to the Director all estimates 
and other information required by this Act to be included in such 
statements and reports with respect to that agency.
    (b) Exclusion of Monetary Policy.--No provision of this Act shall 
apply to any matter relating to monetary policy that is proposed or 
promulgated by the Board of Governors of the Federal Reserve System or 
the Federal Open Market Committee.

            Passed the House of Representatives July 26, 1999.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.

Summary: Requires the accounting statement, at a minimum, to: (1) cover expected costs and benefits for the fiscal year for which the statement is submitted and the four following fiscal years. (2) cover previously expected costs and benefits for the two preceding fiscal years, or the most recent revision of such costs and benefits. And (3) with respect to each major rule, include the estimates of costs and benefits for each of the fiscal years referred to that were included in the regulatory impact analysis that was prepared for such major rule. Prohibits the application of certain requirements under this Act with respect to the first and second accounting statements. Requires the Director to: (1) issue guidelines to agencies to standardize most plausible measures of costs and benefits, the means of gathering information used to prepare the accounting statements under this Act, including information required for impact analyses, and the format of information provided for accounting statements, including summary tables. And (2) review agency submissions for consistency with such guidelines. Requires the Director: (1) before submitting the statement and report and before preparing final guidelines, to provide public notice and an opportunity to comment and to consult with the Director of the Congressional Budget Office. And (2) to include an appendix to the report or guidelines, respectively, addressing public and peer review comments. Directs the Director to arrange for two or more persons that have nationally recognized expertise in regulatory analysis and regulatory accounting to provide peer review of each accounting statement and associated report and the guidelines before such statement, report, or guidelines are final. Requires the Director to ensure that: (1) the persons that provide peer review are fairly balanced with respect to the points of view represented. (2) no such person has a conflict of interest that is relative to the functions to be performed in the review. And (3) the comments provided by those persons are not inappropriately influenced by any special interest and are the result of independent judgment. Directs the head of each Federal banking agency and the National Credit Union Administration, and not the Director, to exercise all authority and carry out all duties otherwise vested under this Act in the Director with respect to that agency, other than the authority and duty to submit accounting statements and reports as required by this Act. Prohibits applying any provision of this Act to any matter relating to monetary policy that is proposed or promulgated by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.