‘‘(2) An agency shall not be required under para-
graph (1) to provide the exact language of any draft if 
the rule— 
‘‘(A) relates to the internal revenue laws of the 
United States; or 
‘‘(B) is proposed by an independent regulatory 
agency (as defined in section 3502(5) of title 44). 
‘‘(c) Not later than 15 days after the receipt of such 
materials and information under subsection (b), the Chief 
Counsel for Advocacy of the Small Business Administra-
tion shall— 
‘‘(1) identify small entities or representatives of 
small entities or a combination of both for the pur-
pose of obtaining advice, input, and recommenda-
tions from those persons about the potential eco-
nomic impacts of the proposed rule and the compli-
ance of the agency with section 603; and 
‘‘(2) convene a review panel consisting of an 
employee from the Office of Advocacy of the Small 
Business Administration, an employee from the 
agency making the rule, and in the case of an agen-
cy other than an independent regulatory agency (as 
defined in section 3502(5) of title 44), an employee 
from the Office of Information and Regulatory Af-
fairs of the Office of Management and Budget to re-
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view the materials and information provided to the 
Chief Counsel under subsection (b). 
‘‘(d)(1) Not later than 60 days after the review panel 
described in subsection (c)(2) is convened, the Chief Coun-
sel for Advocacy of the Small Business Administration 
shall, after consultation with the members of such panel, 
submit a report to the agency and, in the case of an agen-
cy other than an independent regulatory agency (as de-
fined in section 3502(5) of title 44), the Office of Informa-
tion and Regulatory Affairs of the Office of Management 
and Budget. 
‘‘(2) Such report shall include an assessment of the 
economic impact of the proposed rule on small entities, 
including an assessment of the proposed rule’s impact on 
the cost that small entities pay for energy, an assessment 
of the proposed rule’s impact on startup costs for small 
entities, and a discussion of any alternatives that will min-
imize adverse significant economic impacts or maximize 
beneficial significant economic impacts on small entities. 
‘‘(3) Such report shall become part of the rulemaking 
record. In the publication of the proposed rule, the agency 
shall explain what actions, if any, the agency took in re-
sponse to such report. 
‘‘(e) A proposed rule is described by this subsection 
if the Administrator of the Office of Information and Reg-
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ulatory Affairs of the Office of Management and Budget, 
the head of the agency (or the delegatee of the head of 
the agency), or an independent regulatory agency deter-
mines that the proposed rule 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 con-
sumers, individual industries, Federal, State, or local 
governments, tribal organizations, or geographic re-
gions; 
‘‘(3) significant adverse effects on competition, 
employment, investment, productivity, innovation, or 
on the ability of United States-based enterprises to 
compete with foreign-based enterprises in domestic 
and export markets; or 
‘‘(4) a significant economic impact on a sub-
stantial number of small entities. 
‘‘(f) Upon application by the agency, the Chief Coun-
sel for Advocacy of the Small Business Administration 
may waive the requirements of subsections (b) through (e) 
if the Chief Counsel determines that compliance with the 
requirements of such subsections are impracticable, un-
necessary, or contrary to the public interest. 
‘‘(g) A small entity or a representative of a small enti-
ty may submit a request that the agency provide a copy 
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of the report prepared under subsection (d) and all mate-
rials and information provided to the Chief Counsel for 
Advocacy of the Small Business Administration under 
subsection (b). The agency receiving such request shall 
provide the report, materials and information to the re-
questing small entity or representative of a small entity 
not later than 10 business days after receiving such re-
quest, except that the agency shall not disclose any infor-
mation that is prohibited from disclosure to the public 
pursuant to section 552(b) of this title.’’. 
SEC. 7. PERIODIC REVIEW OF RULES. 
Section 610 of title 5, United States Code, is amend-
ed to read as follows: 
‘‘§ 610. Periodic review of rules 
‘‘(a) Not later than 180 days after the enactment of 
this section, each agency shall publish in the Federal Reg-
ister and place on its website a plan for the periodic review 
of rules issued by the agency which the head of the agency 
determines have a significant economic impact on a sub-
stantial number of small entities. Such determination shall 
be made without regard to whether the agency performed 
an analysis under section 604. The purpose of the review 
shall be to determine whether such rules should be contin-
ued without change, or should be amended or rescinded, 
consistent with the stated objectives of applicable statutes, 
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to minimize any adverse significant economic impacts or 
maximize any beneficial significant economic impacts on 
a substantial number of small entities. Such plan may be 
amended by the agency at any time by publishing the revi-
sion in the Federal Register and subsequently placing the 
amended plan on the agency’s website. 
‘‘(b) The plan shall provide for the review of all such 
agency rules existing on the date of the enactment of this 
section within 10 years of the date of publication of the 
plan in the Federal Register and for review of rules adopt-
ed after the date of enactment of this section within 10 
years after the publication of the final rule in the Federal 
Register. If the head of the agency determines that com-
pletion of the review of existing rules is not feasible by 
the established date, the head of the agency shall so certify 
in a statement published in the Federal Register and may 
extend the review for not longer than 2 years after publi-
cation of notice of extension in the Federal Register. Such 
certification and notice shall be sent to the Chief Counsel 
for Advocacy of the Small Business Administration and 
the Congress. 
‘‘(c) The plan shall include a section that details how 
an agency will conduct outreach to and meaningfully in-
clude small businesses (including small business concerns 
owned and controlled by women, small business concerns 
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