H. R. 2586—41
(c) Effective Date.—The amendment made by subsection (b)
shall take effect on the date of enactment of this Act.
(d) TECHNICAL AMENDMENT.—The table of chapters for part
I of title 5, United States Code, is amended by inserting immediately
after the item relating to chapter 7 the following:
‘‘8. Congressional Review of Agency Rulemaking ...............................
801’’.
SEC. 2007. REGULATORY ACCOUNTING STATEMENT.
(a) DEFINITIONS.—For purposes of this section, the following
definitions apply:
(1) MAJOR RULE.—The term ‘‘major rule’’ has the same
meaning as defined in section 621(5)(A)(i) of title 5, United
States Code. The term shall not include—
(A) administrative actions governed by sections 556
and 557 of title 5, United States Code;
(B) regulations issued with respect to a military or
foreign affairs function of the United States or a statute
implementing an international trade agreement; or
(C) regulations related to agency organization, manage-
ment, or personnel.
(2) AGENCY.—The term ‘‘agency’’ means any executive
department, military department, Government corporation,
Government controlled corporation, or other establishment in
the executive branch of the Government (including the Execu-
tive Office of the President), or any independent regulatory
agency, but shall not include—
(A) the General Accounting Office;
(B) the Federal Election Commission;
(C) the governments of the District of Columbia and
of the territories and possessions of the United States,
and their various subdivisions; or
(D) Government-owned contractor-operated facilities,
including laboratories engaged in national defense research
and production activities.
(b) ACCOUNTING STATEMENT.—
(1) IN GENERAL.—
(A) The President shall be responsible for implement-
ing and administering the requirements of this section.
(B) Not later than June 1, 1997, and each June 1
thereafter, the President shall prepare and submit to Con-
gress an accounting statement that estimates the annual
costs of major rules and corresponding benefits in accord-
ance with this subsection.
(2) YEARS
COVERED
BY
ACCOUNTING
STATEMENT.—Each
accounting statement shall cover, at a minimum, the 5 fiscal
years beginning on October 1 of the year in which the report
is submitted and may cover any fiscal year preceding such
fiscal years for purpose of revising previous estimates.
(3) TIMING AND PROCEDURES.—
(A) The President shall provide notice and opportunity
for comment for each accounting statement. The President
may delegate to an agency the requirement to provide
notice and opportunity to comment for the portion of the
accounting statement relating to that agency.
(B) The President shall propose the first accounting
statement under this subsection not later than 2 years
after the date of enactment of this Act and shall issue
H. R. 2586—42
the first accounting statement in final form not later than
3 years after such effective date. Such statement shall
cover, at a minimum, each of the fiscal years beginning
after the date of enactment of this Act.
(4) CONTENT OF ACCOUNTING STATEMENT.—
(A) Each accounting statement shall contain estimates
of costs and benefits with respect to each fiscal year covered
by the statement in accordance with this paragraph. For
each such fiscal year for which estimates were made in
a previous accounting statement, the statement shall revise
those estimates and state the reasons for the revisions.
(B)(i) An accounting statement shall estimate the costs
of major rules by setting forth, for each year covered by
the statement—
(I) the annual expenditure of national economic
resources for major rules, grouped by regulatory pro-
gram; and
(II) such other quantitative and qualitative meas-
ures of costs as the President considers appropriate.
(ii) For purposes of the estimate of costs in the account-
ing statement, national economic resources shall include,
and shall be listed under, at least the following categories:
(I) Private sector costs.
(II) Federal sector costs.
(III) State and local government administrative
costs.
(C) An accounting statement shall estimate the benefits
of major rules by setting forth, for each year covered by the
statement, such quantitative and qualitative measures of bene-
fits as the President considers appropriate. Any estimates of
benefits concerning reduction in health, safety, or environ-
mental risks shall present the most plausible level of risk
practical, along with a statement of the reasonable degree
of scientific certainty.
(c) ASSOCIATED REPORT TO CONGRESS.—
(1) IN GENERAL.—At the same time as the President sub-
mits an accounting statement under subsection (b), the Presi-
dent, acting through the Director of the Office of Management
and Budget, shall submit to Congress a report associated with
the accounting statement (hereinafter referred to as an ‘‘associ-
ated report’’). The associated report shall contain, in accordance
with this subsection—
(A) analyses of impacts; and
(B) recommendations for reform.
(2) ANALYSES
OF
IMPACTS.—The President shall include
in the associated report the following:
(A) Analyses prepared by the President of the cumu-
lative impact of major rules in Federal regulatory programs
covered in the accounting statement on the following:
(i) The ability of State and local governments to
provide essential services, including police, fire protec-
tion, and education.
(ii) Small business.
(iii) Productivity.
(iv) Wages.
(v) Economic growth.
(vi) Technological innovation.
H. R. 2586—43
(vii) Consumer prices for goods and services.
(viii) Such other factors considered appropriate by
the President.
(B) A summary of any independent analyses of impacts
prepared by persons commenting during the comment
period on the accounting statement.
(3) RECOMMENDATIONS FOR REFORM.—The President shall
include in the associated report the following:
(A) A summary of recommendations of the President
for reform or elimination of any Federal regulatory program
or program element that does not represent sound use
of national economic resources or otherwise is inefficient.
(B) A summary of any recommendations for such
reform or elimination of Federal regulatory programs or
program elements prepared by persons commenting during
the comment period on the accounting statement.
(d) GUIDANCE FROM OFFICE OF MANAGEMENT AND BUDGET.—
The Director of the Office of Management and Budget shall, in
consultation with the Council of Economic Advisers, provide guid-
ance to agencies—
(1) to standardize measures of costs and benefits in account-
ing statements prepared pursuant to sections 3 and 7 of this
Act, including—
(A) detailed guidance on estimating the costs and bene-
fits of major rules; and
(B) general guidance on estimating the costs and bene-
fits of all other rules that do not meet the thresholds
for major rules; and
(2) to standardize the format of the accounting statements.
(e) 
RECOMMENDATIONS
FROM
CONGRESSIONAL
BUDGET
OFFICE.—After each accounting statement and associated report
submitted to Congress, the Director of the Congressional Budget
Office shall make recommendations to the President—
(1) for improving accounting statements prepared pursuant
to this section, including recommendations on level of detail
and accuracy; and
(2) for improving associated reports prepared pursuant to
this section, including recommendations on the quality of analy-
sis.
(f) JUDICIAL REVIEW.—No requirements under this section shall
be subject to judicial review in any manner.
SEC. 2008. STUDIES AND REPORTS.
(a) RISK ASSESSMENTS.—The Administrative Conference of the
United States shall—
(1) develop and carry out an ongoing study of the operation
of the risk assessment requirements of subchapter III of chapter
6 of title 5, United States Code (as added by section 4 of
this Act); and
(2) submit an annual report to the Congress on the findings
of the study.
(b) ADMINISTRATIVE PROCEDURE ACT.—Not later than December
31, 1996, the Administrative Conference of the United States shall—
(1) carry out a study of the operation of the Administrative
Procedure Act (as amended by section 3 of this Act); and
(2) submit a report to the Congress on the findings of
the study, including proposals for revision, if any.
H. R. 2586—44
SEC. 2009. MISCELLANEOUS PROVISIONS.
(a) EFFECTIVE DATE.—Except as otherwise provided, this Act
and the amendments made by this Act shall take effect on the
date of enactment.
(b) SEVERABILITY.—If any provision of this Act, an amendment
made by this Act, or the application of such provision or amendment
to any person or circumstance is held to be unconstitutional, the
remainder of this Act, the amendments made by this Act, and
the application of the provisions of such to any person or cir-
cumstance shall not be affected thereby.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.