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such alternative approaches were not adopted, to-
gether with a demonstration that the rule provides
for the least costly approach.
‘‘(E) A statement that the rule does not conflict
with, or duplicate, any other rule or a statement of
the reasons why such a conflict or duplication exists.
‘‘(F) A statement of whether the rule will re-
quire on-site inspections or whether persons will be
required by the rule to maintain any records which
will be subject to inspection, and a statement of
whether the rule will require persons to obtain li-
censes, permits, or other certifications, including
specification of any associated fees or fines.
‘‘(G) An estimate of the costs to the agency for
implementation and enforcement of the rule and of
whether the agency can be reasonably expected to
implement the rule with the current level of appro-
priations.
‘‘(5)(A) the Director is authorized to review and pre-
pare comments on any preliminary or final regulatory im-
pact analysis, notice of proposed rulemaking, or final rule
based on the requirements of this subsection.
‘‘(B) Upon the request of the Director, an agency
shall consult with the Director concerning the review of
a preliminary impact analysis or notice of proposed rule-
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making and shall refrain from publishing its preliminary
regulatory impact analysis or notice of proposed rule-
making until such review is concluded. The Director’s re-
view may not take longer than 90 days after the date of
the request of the Director.
‘‘(6)(A) An agency may not adopt a major rule unless
the final regulatory impact analysis for the rule is ap-
proved or commented upon in writing by the Director or
by an individual designated by the Director for that pur-
pose.
‘‘(B) Upon receiving notice that the Director intends
to comment in writing with respect to any final regulatory
impact analysis or final rule, the agency shall refrain from
publishing its final regulatory impact analysis or final rule
until the agency has responded to the Director’s comments
and incorporated those comments in the agency’s response
in the rulemaking file. If the Director fails to make such
comments in writing with respect to any final regulatory
impact analysis or final rule within 90 days of the date
the Director gives such notice, the agency may adopt such
final regulatory impact analysis or final rule.
‘‘(7) Notwithstanding section 551(16), for purposes
of this subsection with regard to any rule proposed or is-
sued by an appropriate Federal banking agency (as that
term is defined in section 3(q) of the Federal Deposit In-
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surance Act (12 U.S.C. 1813(q)), the National Credit
Union Administration, or the Office of Federal Housing
Enterprise Oversight, the term ‘Director’ means the head
of such agency, Administration, or Office.’’.
SEC. 325. STANDARD OF CLARITY.
Section 553 of title 5, United States Code, as amend-
ed in section 324, is amended by adding after subsection
(i) the following:
‘‘(j) To the extent practicable, the head of an agency
shall seek to ensure that any proposed major rule or regu-
latory impact analysis of such a rule is written in a reason-
ably simple and understandable manner and provides ade-
quate notice of the content of the rule to affected per-
sons.’’.
SEC. 326. EXEMPTIONS.
Section 553 of title 5, United States Code, as amend-
ed by section 325, is further amended by adding after sub-
section (j) the following:
‘‘(k)(1) The provisions of this section regarding
major rules shall not apply to—
‘‘(A) any regulation that responds to an emer-
gency situation if such regulation is reported to the
Director as soon as is practicable;
‘‘(B) any regulation for which consideration
under the procedures of this section would conflict
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with deadlines imposed by statute or by judicial
order;
‘‘(C) any regulation proposed or issued in con-
nection with the implementation of monetary policy
or to ensure the safety and soundness of federally
insured depository institutions, any affiliate of such
institution, credit unions, or government sponsored
housing enterprises regulated by the Office of Fed-
eral Housing Enterprise Oversight;
‘‘(D) any agency action that the head of the
agency certifies is limited to interpreting, implement-
ing, or administering the internal revenue laws of
the United States, including any regulation proposed
or issued in connection with ensuring the collection
of taxes from a subsidiary of a foreign company
doing business in the United States; and
‘‘(E) any regulation proposed or issued pursu-
ant to section 553 of title 5, United States Code, in
connection with imposing trade sanctions against
any country that engages in illegal trade activities
against the United States that are injurious to
American technology, jobs, pensions, or general eco-
nomic well-being.
A regulation described in subparagraph (B) shall be re-
ported to the Director with a brief explanation of the con-
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flict and the agency, in consultation with the Director,
shall, to the extent permitted by statutory or judicial dead-
lines, adhere to the process of this section.
‘‘(2) The Director may in accordance with the pur-
poses of this section exempt any class or category of regu-
lations from any or all requirements of this section.
‘‘(3) For purposes of paragraph (1), the term ‘emer-
gency situation’ means a situation that is—
‘‘(A) immediately impending and extraordinary
in nature, or
‘‘(B) demanding attention due to a condition,
circumstance, or practice reasonably expected to
cause death, serious illness, or severe injury to hu-
mans or substantial endangerment to private prop-
erty or the environment if no action is taken.’’.
SEC. 327. REPORT.
The Director of the Office of Management and Budg-
et shall submit a report to the Congress no later than 24
months after the date of the enactment of this Act con-
taining an analysis of rulemaking procedures of Federal
agencies and an analysis of the impact of those rule-
making procedures on the regulated public and regulatory
process.
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SEC. 328. EFFECTIVE DATE.
The amendment made by this title shall apply only
to final agency rules issued after rulemaking begun after
the date of enactment of this Act.
TITLE III—PROTECTIONS
SEC. 331. PRESIDENTIAL ACTION.
Pursuant to the authority of section 7301 of title 5,
United States Code, the President shall, within 180 days
of the date of the enactment of this Act, prescribe regula-
tions for employees of the executive branch to ensure that
Federal laws and regulations shall be administered con-
sistent with the principle that any person shall, in connec-
tion with the enforcement of such laws and regulations—
(1) be protected from abuse, reprisal, or retalia-
tion, and
(2) be treated fairly, equitably, and with due re-
gard for such person’s rights under the Constitution.
DIVISION D
SEC. 401. SHORT TITLE.
This division may be cited as the ‘‘Risk Assessment
and Cost-Benefit Act of 1995’’.
SEC. 402. FINDINGS.
The Congress finds that:
(1) Environmental, health, and safety regula-
tions have led to dramatic improvements in the envi-
ronment and have significantly reduced human