ered by the Secretary were found to
be less cost-effective or less flexible.
‘‘(b) ELEMENTS OF ANALYSIS.—An analysis
of risk reduction benefits or costs prepared
by the Secretary for a significant standard or
regulatory 
requirement, 
at 
a 
minimum,
shall—
‘‘(1) identify the various regulatory
and nonregulatory options that were con-
sidered;
‘‘(2) analyze the incremental costs
and incremental risk reduction or other
benefits associated with each option
identified or considered by the Secretary;
‘‘(3) provide any technical data or
other information, including the underly-
ing assumptions, upon which the stand-
ard or requirement is based; and
‘‘(4) include a statement that places in
context the nature and magnitude of the
risks to be addressed and the residual
risks likely to remain for each option
identified or considered.
Costs and benefits shall be quantified to the
extent feasible and appropriate and may oth-
erwise be qualitatively described.
‘‘(c) RISK ASSESSMENT DOCUMENTS.—A risk
assessment document prepared by the Sec-
retary for a significant standard or regulatory
requirement shall, at a minimum and to the
extent feasible—
‘‘(1) provide the best estimate for the
impacts addressed and a statement of the
reasonable range of scientific uncertain-
ties;
‘‘(2) include a statement of any sig-
nificant substitution risks to public safe-
ty or the environment; and
‘‘(3) contain a statement that places
in context the nature and magnitude of
risks to public safety or the environment.
‘‘(d) 
STATEMENTS.—The 
statements 
re-
ferred to in subsections (b)(4) and (c)(3) of this
section shall each provide, to the extent fea-
sible, comparisons with estimates of greater,
lesser, and substantially equivalent risks that
are familiar to and routinely encountered by
the general public, as well as other risks, and,
where appropriate and meaningful, compari-
sons of those risks with other similar risks
regulated by the Department resulting from
comparable activities. In making such com-
parisons, the Secretary should consider rel-
evant distinctions among risks, such as the
voluntary or involuntary nature of risks, and
the preventability or nonpreventability of
risks.
‘‘(e) REVIEW BY STANDARDS COMMITTEE.—
‘‘(1) PEER REVIEW.—For any significant
standard or regulatory requirement, the
Secretary shall submit any risk assess-
ment documents and cost-benefit analy-
ses (prepared or received by the Sec-
retary) for review by the Technical Pipe-
line Safety Standards Committee, the
Hazardous Liquid Pipeline Safety Stand-
ards Committee, or both, as appropriate,
and make them available to the public.
The Technical Pipeline Safety Standards
Committee and the Hazardous Liquid
Pipeline 
Safety 
Standards 
Committee
shall function as peer review panels and
shall prepare reports, including any rec-
ommended options for any significant
standard or regulatory requirement and
an evaluation of the technical scientific
merit of the data and scientific method
used for a risk assessment document or
cost-benefit analysis. The Committee or
Committees shall submit such reports to
the Secretary within 90 days after the
date of receipt of the documents and
analyses from the Secretary.
‘‘(2) RESPONSE
OF
SECRETARY.—The
Secretary shall review the report and
recommendations of the Technical Pipe-
line Safety Standards Committee, the
Technical Hazardous Liquids Pipeline
Safety Standards Committee, or both, as
the case may be. Within 90 days after re-
ceipt of such report, the Secretary—
‘‘(A) shall submit to the Commit-
tee or Committees a written response
to all peer review comments and rec-
ommended options; and
‘‘(B) may revise the risk assess-
ment document or cost-benefit analy-
sis prior to determining whether the
proposed significant standard or reg-
ulatory requirement should be pro-
mulgated.
‘‘(f) EMERGENCIES.—In the case of an emer-
gency, the Secretary may suspend the appli-
cation of this section for the duration of the
emergency.
‘‘(g) REPORT.—Not later than March 31,
1999, the Secretary shall transmit to Congress
a report on the application of the principles
of the analyses of risk reduction benefits and
costs and risk assessment to this chapter and
their effect on pipeline safety.’’.
(b) CONFORMING AMENDMENT.—The analy-
sis for chapter 601 is amended by adding at
the end the following:
‘‘60126. Analysis of risk reduction benefits and costs.
‘‘60127. Risk management.’’.
SEC. 4. DEFINITIONS.
(a) 
IN
GENERAL.—Section 
60101(a) 
is
amended—
(1) by striking subparagraph (B) of
paragraph (21) and inserting the follow-
ing:
‘‘(B) does not include the gather-
ing of gas, other than gathering