SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Red Tape Reduction 
and Small Business Job Creation Act’’. 
SEC. 2. TABLE OF CONTENTS. 
The table of contents for this Act is as follows: 
Sec. 1. Short title. 
Sec. 2. Table of contents. 
TITLE I—REGULATORY FREEZE FOR JOBS 
Sec. 101. Short title. 
Sec. 102. Moratorium on significant regulatory actions. 
Sec. 103. Waivers and exceptions. 
Sec. 104. Judicial review. 
Sec. 105. Definitions. 
TITLE II—MIDNIGHT RULE RELIEF 
Sec. 201. Short title. 
Sec. 202. Moratorium on midnight rules. 
Sec. 203. Special rule on statutory, regulatory, and judicial deadlines. 
Sec. 204. Exception. 
Sec. 205. Definitions. 
TITLE III—REGULATORY DECREES AND SETTLEMENTS 
Sec. 301. Short title. 
Sec. 302. Consent decree and settlement reform. 
Sec. 303. Motions to modify consent decrees. 
Sec. 304. Effective date. 
TITLE IV—UNFUNDED MANDATES INFORMATION AND 
TRANSPARENCY 
Sec. 401. Short title. 
Sec. 402. Purpose. 
Sec. 403. Providing for Congressional Budget Office studies on policies involv-
ing changes in conditions of grant aid. 
Sec. 404. Clarifying the definition of direct costs to reflect Congressional Budg-
et Office practice. 
Sec. 405. Expanding the scope of reporting requirements to include regulations 
imposed by independent regulatory agencies. 
Sec. 406. Amendments to replace Office of Management and Budget with Of-
fice of Information and Regulatory Affairs. 
Sec. 407. Applying substantive point of order to private sector mandates. 
Sec. 408. Regulatory process and principles. 
Sec. 409. Expanding the scope of statements to accompany significant regu-
latory actions. 
Sec. 410. Enhanced stakeholder consultation. 
Sec. 411. New authorities and responsibilities for Office of Information and 
Regulatory Affairs.
Sec. 412. Retrospective analysis of existing Federal regulations. 
Sec. 413. Expansion of judicial review. 
TITLE V—IMPROVED COORDINATION OF AGENCY ACTIONS ON 
ENVIRONMENTAL DOCUMENTS 
Sec. 501. Short title. 
Sec. 502. Coordination of agency administrative operations for efficient deci-
sionmaking. 
TITLE VI—SECURITIES AND EXCHANGE COMMISSION 
REGULATORY ACCOUNTABILITY 
Sec. 601. Short title. 
Sec. 602. Consideration by the Securities and Exchange Commission of the 
costs and benefits of its regulations and certain other agency 
actions. 
Sec. 603. Sense of Congress relating to other regulatory entities. 
Sec. 604. Interpretive guidance null and void. 
Sec. 605. Other SEC action prohibited. 
TITLE VII—CONSIDERATION BY COMMODITY FUTURES TRADING 
COMMISSION OF CERTAIN COSTS AND BENEFITS 
Sec. 701. Consideration by the Commodity Futures Trading Commission of the 
costs and benefits of its regulations and orders. 
TITLE VIII—ENSURING HIGH STANDARDS FOR AGENCY USE OF 
SCIENTIFIC INFORMATION 
Sec. 801. Requirement for final guidelines. 
TITLE IX—TRACKING THE COST TO TAXPAYERS OF FEDERAL 
LITIGATION 
Sec. 901. Short title. 
Sec. 902. Modification of equal access to justice provisions. 
TITLE I—REGULATORY FREEZE 
FOR JOBS 
SEC. 101. SHORT TITLE. 
This title may be cited as the ‘‘Regulatory Freeze for 
Jobs Act of 2012’’. 
SEC. 102. MORATORIUM ON SIGNIFICANT REGULATORY AC-
TIONS. 
(a) MORATORIUM.—An agency may not take any sig-
nificant regulatory action during the period beginning on
the date of the enactment of this Act and ending on the 
date that the Secretary of Labor submits the report under 
subsection (b). 
(b) DETERMINATION.—The Secretary of Labor shall 
submit a report to the Director of the Office of Manage-
ment and Budget when the Secretary determines that the 
Bureau of Labor Statistics average of monthly unemploy-
ment rates for any quarter beginning after the date of the 
enactment of this Act is equal to or less than 6.0 percent. 
SEC. 103. WAIVERS AND EXCEPTIONS. 
(a) IN GENERAL.—Notwithstanding any other provi-
sion of this title, an agency may take a significant regu-
latory action only in accordance with subsection (b), (c), 
or (d) during the period described in section 102(a). 
(b) PRESIDENTIAL WAIVER.—An agency may take a 
significant regulatory action if the President determines 
by Executive Order that the significant regulatory action 
is— 
(1) necessary because of an imminent threat to 
health or safety or other emergency; 
(2) necessary for the enforcement of criminal or 
civil rights laws; 
(3) necessary for the national security of the 
United States; or
(4) issued pursuant to any statute imple-
menting an international trade agreement. 
(c) DEREGULATORY EXCEPTION.—An agency may 
take a significant regulatory action if the Administrator 
of the Office of Information and Regulatory Affairs of the 
Office of Management and Budget certifies in writing that 
the significant regulatory action is limited to repealing an 
existing rule. 
(d) CONGRESSIONAL WAIVERS.— 
(1) SUBMISSION.—For any significant regu-
latory action not eligible for a Presidential waiver 
pursuant to subsection (b), the President may sub-
mit a written request to Congress for a waiver of the 
application of section 102 for such action. 
(2) CONTENTS.—A submission by the President 
under this subsection shall— 
(A) identify the significant regulatory ac-
tion and the scope of the requested waiver; 
(B) describe all the reasons the significant 
regulatory action is necessary to protect the 
public health, safety, or welfare; and 
(C) include an explanation of why the sig-
nificant regulatory action is ineligible for a 
Presidential waiver under subsection (b).
(3) CONGRESSIONAL
ACTION.—Congress shall 
give expeditious consideration and take appropriate 
legislative action with respect to any submission by 
the President under this subsection. 
SEC. 104. JUDICIAL REVIEW. 
(a) REVIEW.—Any party adversely affected or ag-
grieved by any rule or guidance resulting from a regu-
latory action taken in violation of this title is entitled to 
judicial review in accordance with chapter 7 of title 5, 
United States Code. Any determination by either the 
President or the Secretary of Labor under this title shall 
be subject to judicial review under such chapter. 
(b) JURISDICTION.—Each court having jurisdiction 
to review any rule or guidance resulting from a significant 
regulatory action for compliance with any other provision 
of law shall have jurisdiction to review all claims under 
this title. 
(c) RELIEF.—In granting any relief in any civil ac-
tion under this section, the court shall order the agency 
to take corrective action consistent with this title and 
chapter 7 of title 5, United States Code, including re-
manding the rule or guidance resulting from the signifi-
cant regulatory action to the agency and enjoining the ap-
plication or enforcement of that rule or guidance, unless 
the court finds by a preponderance of the evidence that
application or enforcement is required to protect against 
an imminent and serious threat to the national security 
of the United States. 
(d) REASONABLE ATTORNEY’S FEES
FOR SMALL 
BUSINESSES.—The court shall award reasonable attor-
ney’s fees and costs to a substantially prevailing small 
business in any civil action arising under this title. A small 
business may qualify as substantially prevailing even with-
out obtaining a final judgment in its favor if the agency 
that took the significant regulatory action changes its po-
sition after the civil action is filed. Such award shall be 
paid out of the administrative budget of the office in the 
agency that took the challenged agency action. 
(e) LIMITATION ON COMMENCING CIVIL ACTION.— 
A party may seek and obtain judicial review during the 
1-year period beginning on the date of the challenged 
agency action or within 90 days after an enforcement ac-
tion or notice thereof, except that where another provision 
of law requires that a civil action be commenced before 
the expiration of that 1-year period, such lesser period 
shall apply. 
(f) SMALL BUSINESS DEFINED.—In this section, the 
term ‘‘small business’’ means any business, including an 
unincorporated business or a sole proprietorship, that em-
ploys not more than 500 employees or that has a net
guidance that the Administrator of the Office of In-
formation and Regulatory Affairs of the Office of 
Management and Budget finds is likely to have an 
annual cost to the economy of $50,000,000 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, small 
entities, or State, local, or tribal governments or 
communities. In determining the annual cost to the 
economy under this paragraph, the Administrator 
shall take into account any expected change in rev-
enue of businesses that will be caused by such regu-
latory action, as well as any change in revenue of 
businesses that has already taken place as busi-
nesses prepare for the implementation of the regu-
latory action. If meeting that definition, such term 
includes any requirement by the Secretary of the 
Treasury, except to the extent provided in Treasury 
Regulations as in effect on February 21, 2011, that 
a payor of interest make an information return in 
the case of interest— 
(1) which is described in section 871(i)(2)(A) of 
the Internal Revenue Code of 1986, and 
(2) which is paid— 
(A) to a nonresident alien, and
(B) on a deposit maintained at an office 
within the United States. 
(5) SMALL ENTITY.—The term ‘‘small entity’’ 
has the meaning given that term under section 
601(6) of title 5, United States Code. 
TITLE II—MIDNIGHT RULE 
RELIEF 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘Midnight Rule Relief 
Act of 2012’’. 
SEC. 202. MORATORIUM ON MIDNIGHT RULES. 
Except as provided under sections 203 and 204, dur-
ing the moratorium period, an agency may not propose 
or finalize any midnight rule that the Administrator of the 
Office of Information and Regulatory Affairs of the Office 
of Management and Budget finds is likely to result in an 
annual cost to the economy of $50,000,000 or more or 
adversely affect in a material way the economy, a sector 
of the economy, productivity, competition, jobs, the envi-
ronment, public health or safety, small entities, or State, 
local, or tribal governments or communities. 
SEC. 203. SPECIAL RULE ON STATUTORY, REGULATORY, 
AND JUDICIAL DEADLINES. 
(a) IN GENERAL.—Section 202 shall not apply with 
respect to any deadline—
(1) for, relating to, or involving any midnight 
rule; 
(2) that was established before the beginning of 
the moratorium period; and 
(3) that is required to be taken during the mor-
atorium period. 
(b) PUBLICATION OF DEADLINES.—Not later than 
30 days after the beginning of a moratorium period, the 
Administrator of the Office of Information and Regulatory 
Affairs of the Office of Management and Budget shall 
identify and publish in the Federal Register a list of dead-
lines covered by subsection (a). 
SEC. 204. EXCEPTION. 
(a) EMERGENCY EXCEPTION.—Section 202 shall not 
apply to a midnight rule if the President determines that 
the midnight rule is— 
(1) necessary because of an imminent threat to 
health or safety or other emergency; 
(2) necessary for the enforcement of criminal or 
civil rights laws; 
(3) necessary for the national security of the 
United States; or 
(4) issued pursuant to any statute imple-
menting an international trade agreement.
(b) DEREGULATORY EXCEPTION.—Section 202 shall 
not apply to a midnight rule that the Administrator of 
the Office of Information and Regulatory Affairs within 
the Office of Management and Budget certifies in writing 
is limited to repealing an existing rule. 
(c) NOTICE OF EXCEPTIONS.—Not later than 30 
days after a determination under subsection (a) or a cer-
tification is made under subsection (b), the head of the 
relevant agency shall publish in the Federal Register any 
midnight rule excluded from the moratorium period due 
to an exception under this section. 
SEC. 205. DEFINITIONS. 
In this title: 
(1) AGENCY.—The term ‘‘agency’’ has the 
meaning given that term under section 551 of title 
5, United States Code, except that such term does 
not include— 
(A) the Board of Governors of the Federal 
Reserve System; 
(B) the Federal Open Market Committee; 
or 
(C) the United States Postal Service. 
(2) DEADLINE.—The term ‘‘deadline’’ means 
any date certain for fulfilling any obligation or exer-
cising any authority established by or under any
Federal statute or rule, or by or under any court 
order implementing any Federal statute, regulation, 
or rule. 
(3) MORATORIUM PERIOD.—The term ‘‘morato-
rium period’’ means the day after the day referred 
to in section 1 of title 3, United States Code, 
through January 20 of the following year, in which 
a President is not serving a consecutive term. 
(4) MIDNIGHT
RULE.—The term ‘‘midnight 
rule’’ means an agency statement of general applica-
bility and future effect, issued during the morato-
rium period, that is intended to have the force and 
effect of law and is designed— 
(A) to implement, interpret, or prescribe 
law or policy; or 
(B) to describe the procedure or practice 
requirements of an agency. 
(5) RULE.—The term ‘‘rule’’ has the meaning 
given that term under section 551 of title 5, United 
States Code. 
(6) SMALL ENTITY.—The term ‘‘small entity’’ 
has the meaning given that term under section 
601(6) of title 5, United States Code.