SEC. 406. AMENDMENTS TO REPLACE OFFICE OF MANAGE-
MENT AND BUDGET WITH OFFICE OF INFOR-
MATION AND REGULATORY AFFAIRS. 
The Unfunded Mandates Reform Act of 1995 (Public 
Law 104–4; 2 U.S.C. 1511 et seq.) is amended— 
(1) in section 103(c) (2 U.S.C. 1511(c))— 
(A) in the subsection heading, by striking 
‘‘OFFICE OF MANAGEMENT AND BUDGET’’ and 
inserting ‘‘OFFICE OF INFORMATION AND REG-
ULATORY AFFAIRS’’; and 
(B) by striking ‘‘Director of the Office of 
Management and Budget’’ and inserting ‘‘Ad-
ministrator of the Office of Information and 
Regulatory Affairs’’; 
(2) in section 205(c) (2 U.S.C. 1535(c))— 
(A) in the subsection heading, by striking 
‘‘OMB’’; and 
(B) by striking ‘‘Director of the Office of 
Management and Budget’’ and inserting ‘‘Ad-
ministrator of the Office of Information and 
Regulatory Affairs’’; and 
(3) in section 206 (2 U.S.C. 1536), by striking 
‘‘Director of the Office of Management and Budget’’ 
and inserting ‘‘Administrator of the Office of Infor-
mation and Regulatory Affairs’’.
SEC. 407. APPLYING SUBSTANTIVE POINT OF ORDER TO 
PRIVATE SECTOR MANDATES. 
Section 425(a)(2) of the Congressional Budget Act 
of 1974 (2 U.S.C. 658d(a)(2)) is amended— 
(1) by striking ‘‘Federal intergovernmental 
mandates’’ and inserting ‘‘Federal mandates’’; and 
(2) by inserting ‘‘or 424(b)(1)’’ after ‘‘section 
424(a)(1)’’. 
SEC. 408. REGULATORY PROCESS AND PRINCIPLES. 
Section 201 of the Unfunded Mandates Reform Act 
of 1995 (2 U.S.C. 1531) is amended to read as follows: 
‘‘SEC. 201. REGULATORY PROCESS AND PRINCIPLES. 
‘‘(a) IN GENERAL.—Each agency shall, unless other-
wise expressly prohibited by law, assess the effects of Fed-
eral regulatory actions on State, local, and tribal govern-
ments and the private sector (other than to the extent that 
such regulatory actions incorporate requirements specifi-
cally set forth in law) in accordance with the following 
principles: 
‘‘(1) Each agency shall identify the problem 
that it intends to address (including, if applicable, 
the failures of private markets or public institutions 
that warrant new agency action) as well as assess 
the significance of that problem. 
‘‘(2) Each agency shall examine whether exist-
ing regulations (or other law) have created, or con-
tributed to, the problem that a new regulation is in-
tended to correct and whether those regulations (or 
other law) should be modified to achieve the in-
tended goal of regulation more effectively. 
‘‘(3) Each agency shall identify and assess 
available alternatives to direct regulation, including 
providing economic incentives to encourage the de-
sired behavior, such as user fees or marketable per-
mits, or providing information upon which choices 
can be made by the public. 
‘‘(4) If an agency determines that a regulation 
is the best available method of achieving the regu-
latory objective, it shall design its regulations in the 
most cost-effective manner to achieve the regulatory 
objective. In doing so, each agency shall consider in-
centives for innovation, consistency, predictability, 
the costs of enforcement and compliance (to the gov-
ernment, regulated entities, and the public), flexi-
bility, distributive impacts, and equity. 
‘‘(5) Each agency shall assess both the costs 
and the benefits of the intended regulation and, rec-
ognizing that some costs and benefits are difficult to 
quantify, propose or adopt a regulation, unless ex-
pressly prohibited by law, only upon a reasoned de-
termination that the benefits of the intended regula-
tion justify its costs. 
‘‘(6) Each agency shall base its decisions on the 
best reasonably obtainable scientific, technical, eco-
nomic, and other information concerning the need 
for, and consequences of, the intended regulation. 
‘‘(7) Each agency shall identify and assess al-
ternative forms of regulation and shall, to the extent 
feasible, specify performance objectives, rather than 
specifying the behavior or manner of compliance 
that regulated entities must adopt. 
‘‘(8) Each agency shall avoid regulations that 
are inconsistent, incompatible, or duplicative with its 
other regulations or those of other Federal agencies. 
‘‘(9) Each agency shall tailor its regulations to 
minimize the costs of the cumulative impact of regu-
lations. 
‘‘(10) Each agency shall draft its regulations to 
be simple and easy to understand, with the goal of 
minimizing the potential for uncertainty and litiga-
tion arising from such uncertainty. 
‘‘(b) REGULATORY ACTION DEFINED.—In this sec-
tion, the term ‘regulatory action’ means any substantive 
action by an agency (normally published in the Federal 
Register) that promulgates or is expected to lead to the
promulgation of a final rule or regulation, including ad-
vance notices of proposed rulemaking and notices of pro-
posed rulemaking.’’. 
SEC. 409. EXPANDING THE SCOPE OF STATEMENTS TO AC-
COMPANY SIGNIFICANT REGULATORY AC-
TIONS. 
(a) IN GENERAL.—Subsection (a) of section 202 of 
the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 
1532) is amended to read as follows: 
‘‘(a) IN GENERAL.—Unless otherwise expressly pro-
hibited by law, before promulgating any general notice of 
proposed rulemaking or any final rule, or within six 
months after promulgating any final rule that was not pre-
ceded by a general notice of proposed rulemaking, if the 
proposed rulemaking or final rule includes a Federal man-
date that may result in an annual effect on State, local, 
or tribal governments, or to the private sector, in the ag-
gregate of $50,000,000 or more in any 1 year, the agency 
shall prepare a written statement containing the following: 
‘‘(1) The text of the draft proposed rulemaking 
or final rule, together with a reasonably detailed de-
scription of the need for the proposed rulemaking or 
final rule and an explanation of how the proposed 
rulemaking or final rule will meet that need.
‘‘(2) An assessment of the potential costs and 
benefits of the proposed rulemaking or final rule, in-
cluding an explanation of the manner in which the 
proposed rulemaking or final rule is consistent with 
a statutory requirement and avoids undue inter-
ference with State, local, and tribal governments in 
the exercise of their governmental functions. 
‘‘(3) A qualitative and quantitative assessment, 
including the underlying analysis, of benefits antici-
pated from the proposed rulemaking or final rule 
(such as the promotion of the efficient functioning of 
the economy and private markets, the enhancement 
of health and safety, the protection of the natural 
environment, and the elimination or reduction of dis-
crimination or bias). 
‘‘(4) A qualitative and quantitative assessment, 
including the underlying analysis, of costs antici-
pated from the proposed rulemaking or final rule 
(such as the direct costs both to the Government in 
administering the final rule and to businesses and 
others in complying with the final rule, and any ad-
verse effects on the efficient functioning of the econ-
omy, private markets (including productivity, em-
ployment, and international competitiveness), health, 
safety, and the natural environment);
(b) REQUIREMENT FOR DETAILED SUMMARY.—Sub-
section (b) of section 202 of such Act is amended by in-
serting ‘‘detailed’’ before ‘‘summary’’. 
SEC. 410. ENHANCED STAKEHOLDER CONSULTATION. 
Section 204 of the Unfunded Mandates Reform Act 
of 1995 (2 U.S.C. 1534) is amended— 
(1) in the section heading, by inserting ‘‘AND 
PRIVATE SECTOR’’ before ‘‘INPUT’’; 
(2) in subsection (a)— 
(A) by inserting ‘‘, and impacted parties 
within the private sector (including small busi-
ness),’’ after ‘‘on their behalf)’’; 
(B) by striking ‘‘Federal intergovernmental 
mandates’’ and inserting ‘‘Federal mandates’’; 
and 
(3) by amending subsection (c) to read as fol-
lows: 
‘‘(c) GUIDELINES.—For appropriate implementation 
of subsections (a) and (b) consistent with applicable laws 
and regulations, the following guidelines shall be followed: 
‘‘(1) Consultations shall take place as early as 
possible, before issuance of a notice of proposed rule-
making, continue through the final rule stage, and 
be integrated explicitly into the rulemaking process.
‘‘(2) Agencies shall consult with a wide variety 
of State, local, and tribal officials and impacted par-
ties within the private sector (including small busi-
nesses). Geographic, political, and other factors that 
may differentiate varying points of view should be 
considered. 
‘‘(3) Agencies should estimate benefits and 
costs to assist with these consultations. The scope of 
the consultation should reflect the cost and signifi-
cance of the Federal mandate being considered. 
‘‘(4) Agencies shall, to the extent practicable— 
‘‘(A) seek out the views of State, local, and 
tribal governments, and impacted parties within 
the private sector (including small business), on 
costs, benefits, and risks; and 
‘‘(B) solicit ideas about alternative meth-
ods of compliance and potential flexibilities, and 
input on whether the Federal regulation will 
harmonize with and not duplicate similar laws 
in other levels of government. 
‘‘(5) Consultations shall address the cumulative 
impact of regulations on the affected entities. 
‘‘(6) Agencies may accept electronic submis-
sions of comments by relevant parties but may not
use those comments as the sole method of satisfying 
the guidelines in this subsection.’’. 
SEC. 411. NEW AUTHORITIES AND RESPONSIBILITIES FOR 
OFFICE OF INFORMATION AND REGULATORY 
AFFAIRS. 
Section 208 of the Unfunded Mandates Reform Act 
of 1995 (2 U.S.C. 1538) is amended to read as follows: 
‘‘SEC. 208. OFFICE OF INFORMATION AND REGULATORY AF-
FAIRS RESPONSIBILITIES. 
‘‘(a) IN GENERAL.—The Administrator of the Office 
of Information and Regulatory Affairs shall provide mean-
ingful guidance and oversight so that each agency’s regu-
lations for which a written statement is required under 
section 202 are consistent with the principles and require-
ments of this title, as well as other applicable laws, and 
do not conflict with the policies or actions of another agen-
cy. If the Administrator determines that an agency’s regu-
lations for which a written statement is required under 
section 202 do not comply with such principles and re-
quirements, are not consistent with other applicable laws, 
or conflict with the policies or actions of another agency, 
the Administrator shall identify areas of non-compliance, 
notify the agency, and request that the agency comply be-
fore the agency finalizes the regulation concerned.
‘‘(b) ANNUAL STATEMENTS TO CONGRESS ON AGEN-
CY COMPLIANCE.—The Director of the Office of Informa-
tion and Regulatory Affairs annually shall submit to Con-
gress, including the Committee on Homeland Security and 
Governmental Affairs of the Senate and the Committee 
on Oversight and Government Reform of the House of 
Representatives, a written report detailing compliance by 
each agency with the requirements of this title that relate 
to regulations for which a written statement is required 
by section 202, including activities undertaken at the re-
quest of the Director to improve compliance, during the 
preceding reporting period. The report shall also contain 
an appendix detailing compliance by each agency with sec-
tion 204.’’. 
SEC. 412. RETROSPECTIVE ANALYSIS OF EXISTING FED-
ERAL REGULATIONS. 
The Unfunded Mandates Reform Act of 1995 (Public 
Law 104–4; 2 U.S.C. 1511 et seq.) is amended— 
(1) by redesignating section 209 as section 210; 
and 
(2) by inserting after section 208 the following 
new section 209:
‘‘SEC. 209. RETROSPECTIVE ANALYSIS OF EXISTING FED-
ERAL REGULATIONS. 
‘‘(a) REQUIREMENT.—At the request of the chairman 
or ranking minority member of a standing or select com-
mittee of the House of Representatives or the Senate, an 
agency shall conduct a retrospective analysis of an existing 
Federal regulation promulgated by an agency. 
‘‘(b) REPORT.—Each agency conducting a retrospec-
tive analysis of existing Federal regulations pursuant to 
subsection (a) shall submit to the chairman of the relevant 
committee, Congress, and the Comptroller General a re-
port containing, with respect to each Federal regulation 
covered by the analysis— 
‘‘(1) a copy of the Federal regulation; 
‘‘(2) the continued need for the Federal regula-
tion; 
‘‘(3) the nature of comments or complaints re-
ceived concerning the Federal regulation from the 
public since the Federal regulation was promulgated; 
‘‘(4) the extent to which the Federal regulation 
overlaps, duplicates, or conflicts with other Federal 
regulations, and, to the extent feasible, with State 
and local governmental rules; 
‘‘(5) the degree to which technology, economic 
conditions, or other factors have changed in the area 
affected by the Federal regulation;
‘‘(6) a complete analysis of the retrospective di-
rect costs and benefits of the Federal regulation that 
considers studies done outside the Federal Govern-
ment (if any) estimating such costs or benefits; and 
‘‘(7) any litigation history challenging the Fed-
eral regulation.’’. 
SEC. 413. EXPANSION OF JUDICIAL REVIEW. 
Section 401(a) of the Unfunded Mandates Reform 
Act of 1995 (2 U.S.C. 1571(a)) is amended— 
(1) in paragraphs (1) and (2)(A)— 
(A) 
by 
striking 
‘‘sections 
202 
and 
203(a)(1) and (2)’’ each place it appears and 
inserting ‘‘sections 201, 202, 203(a)(1) and (2), 
and 205(a) and (b)’’; and 
(B) by striking ‘‘only’’ each place it ap-
pears; 
(2) in paragraph (2)(B), by striking ‘‘section 
202’’ and all that follows through the period at the 
end and inserting the following: ‘‘section 202, pre-
pare the written plan under section 203(a)(1) and 
(2), or comply with section 205(a) and (b), a court 
may compel the agency to prepare such written 
statement, prepare such written plan, or comply with 
such section.’’; and
(3) in paragraph (3), by striking ‘‘written state-
ment or plan is required’’ and all that follows 
through ‘‘shall not’’ and inserting the following: 
‘‘written statement under section 202, a written plan 
under section 203(a)(1) and (2), or compliance with 
sections 201 and 205(a) and (b) is required, the in-
adequacy or failure to prepare such statement (in-
cluding the inadequacy or failure to prepare any es-
timate, analysis, statement, or description), to pre-
pare such written plan, or to comply with such sec-
tion may’’. 
TITLE V—IMPROVED COORDINA-
TION OF AGENCY ACTIONS ON 
ENVIRONMENTAL 
DOCU-
MENTS 
SEC. 501. SHORT TITLE. 
This title may be cited as the ‘‘Responsibly And Pro-
fessionally Invigorating Development Act of 2012’’ or as 
the ‘‘RAPID Act’’. 
SEC. 502. COORDINATION OF AGENCY ADMINISTRATIVE OP-
ERATIONS FOR EFFICIENT DECISIONMAKING. 
(a) IN GENERAL.—Part I of chapter 5 of title 5, 
United States Code, is amended by inserting after sub-
chapter II the following:
‘‘SUBCHAPTER IIA—INTERAGENCY 
COORDINATION REGARDING PERMITTING 
‘‘§ 560. Coordination of agency administrative oper-
ations for efficient decisionmaking 
‘‘(a) CONGRESSIONAL DECLARATION OF PURPOSE.— 
The purpose of this subchapter is to establish a framework 
and procedures to streamline, increase the efficiency of, 
and enhance coordination of agency administration of the 
regulatory review, environmental decisionmaking, and per-
mitting process for projects undertaken, reviewed, or fund-
ed by Federal agencies. This subchapter will ensure that 
agencies administer the regulatory process in a manner 
that is efficient so that citizens are not burdened with reg-
ulatory excuses and time delays. 
‘‘(b) DEFINITIONS.—For purposes of this sub-
chapter, the term— 
‘‘(1) ‘agency’ means any agency, department, or 
other unit of Federal, State, local, or Indian tribal 
government; 
‘‘(2) ‘category of projects’ means 2 or more 
projects related by project type, potential environ-
mental impacts, geographic location, or another 
similar project feature or characteristic;
‘‘(3) ‘environmental assessment’ means a con-
cise public document for which a Federal agency is 
responsible that serves to— 
‘‘(A) briefly provide sufficient evidence and 
analysis for determining whether to prepare an 
environmental impact statement or a finding of 
no significant impact; 
‘‘(B) aid an agency’s compliance with 
NEPA when no environmental impact state-
ment is necessary; and 
‘‘(C) facilitate preparation of an environ-
mental impact statement when one is necessary; 
‘‘(4) ‘environmental impact statement’ means 
the detailed statement of significant environmental 
impacts required to be prepared under NEPA; 
‘‘(5) ‘environmental review’ means the Federal 
agency procedures for preparing an environmental 
impact statement, environmental assessment, cat-
egorical exclusion, or other document under NEPA; 
‘‘(6) ‘environmental decisionmaking process’ 
means the Federal agency procedures for under-
taking and completion of any environmental permit, 
decision, approval, review, or study under any Fed-
eral law other than NEPA for a project subject to 
an environmental review;
‘‘(7) ‘environmental document’ means an envi-
ronmental assessment or environmental impact 
statement, and includes any supplemental document 
or document prepared pursuant to a court order; 
‘‘(8) ‘finding of no significant impact’ means a 
document by a Federal agency briefly presenting the 
reasons why a project, not otherwise subject to a 
categorical exclusion, will not have a significant ef-
fect on the human environment and for which an en-
vironmental impact statement therefore will not be 
prepared; 
‘‘(9) ‘lead agency’ means the Federal agency 
preparing or responsible for preparing the environ-
mental document; 
‘‘(10) ‘NEPA’ means the National Environ-
mental Policy Act of 1969 (42 U.S.C. 4321 et seq.); 
‘‘(11) ‘project’ means major Federal actions 
that are construction activities undertaken with Fed-
eral funds or that are construction activities that re-
quire approval by a permit or regulatory decision 
issued by a Federal agency; 
‘‘(12) ‘project sponsor’ means the agency or 
other entity, including any private or public-private 
entity, that seeks approval for a project or is other-
wise responsible for undertaking a project; and
‘‘(13) ‘record of decision’ means a document 
prepared by a lead agency under NEPA following an 
environmental impact statement that states the lead 
agency’s decision, identifies the alternatives consid-
ered by the agency in reaching its decision and 
states whether all practicable means to avoid or min-
imize environmental harm from the alternative se-
lected have been adopted, and if not, why they were 
not adopted. 
‘‘(c) PREPARATION
OF
ENVIRONMENTAL
DOCU-
MENTS.—Upon the request of the lead agency, the project 
sponsor shall be authorized to prepare any document for 
purposes of an environmental review required in support 
of any project or approval by the lead agency if the lead 
agency furnishes oversight in such preparation and inde-
pendently evaluates such document and the document is 
approved and adopted by the lead agency prior to taking 
any action or making any approval based on such docu-
ment. 
‘‘(d) ADOPTION AND USE OF DOCUMENTS.— 
‘‘(1) DOCUMENTS PREPARED UNDER NEPA.— 
‘‘(A) Not more than 1 environmental im-
pact statement and 1 environmental assessment 
shall be prepared under NEPA for a project 
(except for supplemental environmental docu-
ments prepared under NEPA or environmental 
documents prepared pursuant to a court order), 
and, except as otherwise provided by law, the 
lead agency shall prepare the environmental im-
pact statement or environmental assessment. 
After the lead agency issues a record of deci-
sion, no Federal agency responsible for making 
any approval for that project may rely on a doc-
ument other than the environmental document 
prepared by the lead agency. 
‘‘(B) Upon the request of a project spon-
sor, a lead agency may adopt, use, or rely upon 
secondary and cumulative impact analyses in-
cluded in any environmental document prepared 
under NEPA for projects in the same geo-
graphic area where the secondary and cumu-
lative impact analyses provide information and 
data that pertains to the NEPA decision for the 
project under review. 
‘‘(2) STATE
ENVIRONMENTAL
DOCUMENTS; 
SUPPLEMENTAL DOCUMENTS.— 
‘‘(A) Upon the request of a project spon-
sor, a lead agency may adopt a document that 
has been prepared for a project under State 
laws and procedures as the environmental im-
pact statement or environmental assessment for 
the project, provided that the State laws and 
procedures under which the document was pre-
pared provide environmental protection and op-
portunities for public involvement that are sub-
stantially equivalent to NEPA. 
‘‘(B) An environmental document adopted 
under subparagraph (A) is deemed to satisfy 
the lead agency’s obligation under NEPA to 
prepare an environmental impact statement or 
environmental assessment. 
‘‘(C) In the case of a document described 
in subparagraph (A), during the period after 
preparation of the document but before its 
adoption by the lead agency, the lead agency 
shall prepare and publish a supplement to that 
document if the lead agency determines that— 
‘‘(i) a significant change has been 
made to the project that is relevant for 
purposes of environmental review of the 
project; or 
‘‘(ii) there have been significant 
changes in circumstances or availability of 
information relevant to the environmental 
review for the project.
only upon making a favorable determination on such 
environmental document pursuant to paragraph 
(2)(A). 
‘‘(e) PARTICIPATING AGENCIES.— 
‘‘(1) IN GENERAL.—The lead agency shall be 
responsible for inviting and designating participating 
agencies in accordance with this subsection. The 
lead agency shall provide the invitation or notice of 
the designation in writing. 
‘‘(2) FEDERAL PARTICIPATING AGENCIES.—Any 
Federal agency that is required to adopt the envi-
ronmental document of the lead agency for a project 
shall be designated as a participating agency and 
shall collaborate on the preparation of the environ-
mental document, unless the Federal agency informs 
the lead agency, in writing, by a time specified by 
the lead agency in the designation of the Federal 
agency that the Federal agency— 
‘‘(A) has no jurisdiction or authority with 
respect to the project; 
‘‘(B) has no expertise or information rel-
evant to the project; and 
‘‘(C) does not intend to submit comments 
on the project.
‘‘(3) INVITATION.—The lead agency shall iden-
tify, as early as practicable in the environmental re-
view for a project, any agencies other than an agen-
cy described in paragraph (2) that may have an in-
terest in the project, including, where appropriate, 
Governors of affected States, and heads of appro-
priate tribal and local (including county) govern-
ments, and shall invite such identified agencies and 
officials to become participating agencies in the envi-
ronmental review for the project. The invitation shall 
set a deadline of 30 days for responses to be sub-
mitted, which may only be extended by the lead 
agency for good cause shown. Any agency that fails 
to respond prior to the deadline shall be deemed to 
have declined the invitation. 
‘‘(4) EFFECT
OF
DECLINING
PARTICIPATING 
AGENCY INVITATION.—Any agency that declines a 
designation or invitation by the lead agency to be a 
participating agency shall be precluded from submit-
ting comments on any document prepared under 
NEPA for that project or taking any measures to 
oppose, based on the environmental review, any per-
mit, license, or approval related to that project.
‘‘(5) EFFECT
OF
DESIGNATION.—Designation 
as a participating agency under this subsection does 
not imply that the participating agency— 
‘‘(A) supports a proposed project; or 
‘‘(B) has any jurisdiction over, or special 
expertise with respect to evaluation of, the 
project. 
‘‘(6) COOPERATING
AGENCY.—A participating 
agency may also be designated by a lead agency as 
a ‘cooperating agency’ under the regulations con-
tained in part 1500 of title 40, Code of Federal Reg-
ulations, as in effect on January 1, 2011. Designa-
tion as a cooperating agency shall have no effect on 
designation as participating agency. No agency that 
is not a participating agency may be designated as 
a cooperating agency. 
‘‘(7) CONCURRENT
REVIEWS.—Each Federal 
agency shall— 
‘‘(A) carry out obligations of the Federal 
agency under other applicable law concurrently 
and in conjunction with the review required 
under NEPA; and 
‘‘(B) in accordance with the rules made by 
the Council on Environmental Quality pursuant 
to subsection (n)(1), make and carry out such
rules, policies, and procedures as may be rea-
sonably necessary to enable the agency to en-
sure completion of the environmental review 
and environmental decisionmaking process in a 
timely, coordinated, and environmentally re-
sponsible manner. 
‘‘(8) COMMENTS.—Each participating agency 
shall limit its comments on a project to areas that 
are within the authority and expertise of such par-
ticipating agency. Each participating agency shall 
identify in such comments the statutory authority of 
the participating agency pertaining to the subject 
matter of its comments. The lead agency shall not 
act upon, respond to or include in any document 
prepared under NEPA, any comment submitted by 
a participating agency that concerns matters that 
are outside of the authority and expertise of the 
commenting participating agency. 
‘‘(f) PROJECT INITIATION REQUEST.— 
‘‘(1) NOTICE.—A project sponsor shall provide 
the Federal agency responsible for undertaking a 
project with notice of the initiation of the project by 
providing a description of the proposed project, the 
general location of the proposed project, and a state-
ment of any Federal approvals anticipated to be nec-
essary for the proposed project, for the purpose of 
informing the Federal agency that the environmental 
review should be initiated. 
‘‘(2) LEAD AGENCY INITIATION.—The agency 
receiving a project initiation notice under paragraph 
(1) shall promptly identify the lead agency for the 
project, and the lead agency shall initiate the envi-
ronmental review within a period of 45 days after 
receiving the notice required by paragraph (1) by in-
viting or designating agencies to become partici-
pating agencies, or, where the lead agency deter-
mines that no participating agencies are required for 
the project, by taking such other actions that are 
reasonable and necessary to initiate the environ-
mental review. 
‘‘(g) ALTERNATIVES ANALYSIS.— 
‘‘(1) PARTICIPATION.—As early as practicable 
during the environmental review, but no later than 
during scoping for a project requiring the prepara-
tion of an environmental impact statement, the lead 
agency shall provide an opportunity for involvement 
by cooperating agencies in determining the range of 
alternatives to be considered for a project. 
‘‘(2) RANGE
OF
ALTERNATIVES.—Following 
participation under paragraph (1), the lead agency
shall determine the range of alternatives for consid-
eration in any document which the lead agency is re-
sponsible for preparing for the project, subject to the 
following limitations: 
‘‘(A) NO EVALUATION OF CERTAIN ALTER-
NATIVES.—No Federal agency shall evaluate 
any alternative that was identified but not car-
ried forward for detailed evaluation in an envi-
ronmental document or evaluated and not se-
lected in any environmental document prepared 
under NEPA for the same project. 
‘‘(B) 
ONLY
FEASIBLE
ALTERNATIVES 
EVALUATED.—Where a project is being con-
structed, managed, funded, or undertaken by a 
project sponsor that is not a Federal agency, 
Federal agencies shall only be required to evalu-
ate alternatives that the project sponsor could 
feasibly undertake, consistent with the purpose 
of and the need for the project, including alter-
natives that can be undertaken by the project 
sponsor and that are technically and economi-
cally feasible. 
‘‘(3) METHODOLOGIES.— 
‘‘(A) IN GENERAL.—The lead agency shall 
determine, in collaboration with cooperating
agencies at appropriate times during the envi-
ronmental review, the methodologies to be used 
and the level of detail required in the analysis 
of each alternative for a project. The lead agen-
cy shall include in the environmental document 
a description of the methodologies used and 
how the methodologies were selected. 
‘‘(B) NO EVALUATION OF INAPPROPRIATE 
ALTERNATIVES.—When a lead agency deter-
mines that an alternative does not meet the 
purpose and need for a project, that alternative 
is not required to be evaluated in detail in an 
environmental document. 
‘‘(4) PREFERRED ALTERNATIVE.—At the dis-
cretion of the lead agency, the preferred alternative 
for a project, after being identified, may be devel-
oped to a higher level of detail than other alter-
natives in order to facilitate the development of miti-
gation measures or concurrent compliance with other 
applicable laws if the lead agency determines that 
the development of such higher level of detail will 
not prevent the lead agency from making an impar-
tial decision as to whether to accept another alter-
native which is being considered in the environ-
mental review.
the issuance or denial of a permit or li-
cense) relating to the project that is cov-
ered by the schedule. 
‘‘(ii) 
FACTORS
FOR
CONSIDER-
ATION.—In establishing the schedule, the 
lead agency shall consider factors such 
as— 
‘‘(I) the responsibilities of par-
ticipating agencies under applicable 
laws; 
‘‘(II) resources available to the 
participating agencies; 
‘‘(III) overall size and complexity 
of the project; 
‘‘(IV) overall schedule for and 
cost of the project; 
‘‘(V) the sensitivity of the natural 
and historic resources that could be 
affected by the project; and 
‘‘(VI) the extent to which similar 
projects in geographic proximity were 
recently subject to environmental re-
view or similar State procedures. 
‘‘(iii) COMPLIANCE WITH THE SCHED-
ULE.—
‘‘(I) All participating agencies 
shall comply with the time periods es-
tablished in the schedule or with any 
modified time periods, where the lead 
agency modifies the schedule pursuant 
to subparagraph (D). 
‘‘(II) The lead agency shall dis-
regard and shall not respond to or in-
clude in any document prepared under 
NEPA, any comment or information 
submitted or any finding made by a 
participating agency that is outside of 
the time period established in the 
schedule or modification pursuant to 
subparagraph (D) for that agency’s 
comment, submission or finding. 
‘‘(III) If a participating agency 
fails to object in writing to a lead 
agency decision, finding or request for 
concurrence within the time period es-
tablished under law or by the lead 
agency, the agency shall be deemed to 
have concurred in the decision, finding 
or request.
‘‘(C) CONSISTENCY WITH OTHER TIME PE-
RIODS.—A schedule under subparagraph (B) 
shall be consistent with any other relevant time 
periods established under Federal law. 
‘‘(D) MODIFICATION.—The lead agency 
may— 
‘‘(i) lengthen a schedule established 
under subparagraph (B) for good cause; 
and 
‘‘(ii) shorten a schedule only with the 
concurrence of the cooperating agencies. 
‘‘(E) DISSEMINATION.—A copy of a sched-
ule under subparagraph (B), and of any modi-
fications to the schedule, shall be— 
‘‘(i) provided within 15 days of com-
pletion or modification of such schedule to 
all participating agencies and to the 
project sponsor; and 
‘‘(ii) made available to the public. 
‘‘(F) ROLES
AND
RESPONSIBILITY
OF 
LEAD AGENCY.—With respect to the environ-
mental review for any project, the lead agency 
shall have authority and responsibility to take 
such actions as are necessary and proper, with-
in the authority of the lead agency, to facilitate
the expeditious resolution of the environmental 
review for the project. 
‘‘(i) DEADLINES.—The following deadlines shall 
apply to any project subject to review under NEPA and 
any decision under any Federal law relating to such 
project (including the issuance or denial of a permit or 
license or any required finding): 
‘‘(1) ENVIRONMENTAL REVIEW DEADLINES.— 
The lead agency shall complete the environmental 
review within the following deadlines: 
‘‘(A) ENVIRONMENTAL
IMPACT
STATE-
MENT PROJECTS.—For projects requiring prep-
aration of an environmental impact statement— 
‘‘(i) the lead agency shall issue an en-
vironmental impact statement within 2 
years after the earlier of the date the lead 
agency receives the project initiation re-
quest or a Notice of Intent to Prepare an 
Environmental Impact Statement is pub-
lished in the Federal Register; and 
‘‘(ii) in circumstances where the lead 
agency has prepared an environmental as-
sessment and determined that an environ-
mental impact statement will be required, 
the lead agency shall issue the environ-
mental impact statement within 2 years 
after the date of publication of the Notice 
of Intent to Prepare an Environmental Im-
pact Statement in the Federal Register. 
‘‘(B) 
ENVIRONMENTAL
ASSESSMENT 
PROJECTS.—For projects requiring preparation 
of an environmental assessment, the lead agen-
cy shall issue a finding of no significant impact 
or publish a Notice of Intent to Prepare an En-
vironmental Impact Statement in the Federal 
Register within 1 year after the earlier of the 
date the lead agency receives the project initi-
ation request, makes a decision to prepare an 
environmental assessment, or sends out partici-
pating agency invitations. 
‘‘(2) EXTENSIONS.— 
‘‘(A) REQUIREMENTS.—The environmental 
review deadlines may be extended only if— 
‘‘(i) a different deadline is established 
by agreement of the lead agency, the 
project sponsor, and all participating agen-
cies; or 
‘‘(ii) the deadline is extended by the 
lead agency for good cause.
‘‘(B) LIMITATION.—The environmental re-
view shall not be extended by more than 1 year 
for a project requiring preparation of an envi-
ronmental impact statement or by more than 
180 days for a project requiring preparation of 
an environmental assessment. 
‘‘(3) ENVIRONMENTAL REVIEW COMMENTS.— 
‘‘(A) COMMENTS
ON
DRAFT
ENVIRON-
MENTAL IMPACT STATEMENT.—For comments 
by agencies and the public on a draft environ-
mental impact statement, the lead agency shall 
establish a comment period of not more than 60 
days after publication in the Federal Register 
of notice of the date of public availability of 
such document, unless— 
‘‘(i) a different deadline is established 
by agreement of the lead agency, the 
project sponsor, and all participating agen-
cies; or 
‘‘(ii) the deadline is extended by the 
lead agency for good cause. 
‘‘(B) OTHER
COMMENTS.—For all other 
comment periods for agency or public comments 
in the environmental review process, the lead 
agency shall establish a comment period of no
more than 30 days from availability of the ma-
terials on which comment is requested, unless— 
‘‘(i) a different deadline is established 
by agreement of the lead agency, the 
project sponsor, and all participating agen-
cies; or 
‘‘(ii) the deadline is extended by the 
lead agency for good cause. 
‘‘(4) 
DEADLINES
FOR
DECISIONS
UNDER 
OTHER LAWS.—Notwithstanding any other provision 
of law, in any case in which a decision under any 
other Federal law relating to the undertaking of a 
project being reviewed under NEPA (including the 
issuance or denial of a permit or license) is required 
to be made, the following deadlines shall apply: 
‘‘(A) DECISIONS PRIOR TO RECORD OF DE-
CISION
OR
FINDING
OF
NO
SIGNIFICANT
IM-
PACT.—If a Federal agency is required to ap-
prove, or otherwise to act upon, a permit, li-
cense, or other similar application for approval 
related to a project prior to the record of deci-
sion or finding of no significant impact, such 
Federal agency shall approve or otherwise act 
not later than the end of a 90 day period begin-
ning—
‘‘(i) after all other relevant agency re-
view related to the project is complete; and 
‘‘(ii) after the lead agency publishes a 
notice of the availability of the final envi-
ronmental impact statement or issuance of 
other final environmental documents, or no 
later than such other date that is otherwise 
required by law, whichever event occurs 
first. 
‘‘(B) OTHER DECISIONS.—With regard to 
any approval or other action related to a project 
by a Federal agency that is not subject to sub-
paragraph (A), each Federal agency shall ap-
prove or otherwise act not later than the end of 
a period of 180 days beginning— 
‘‘(i) after all other relevant agency re-
view related to the project is complete; and 
‘‘(ii) after the lead agency issues the 
record of decision or finding of no signifi-
cant impact, unless a different deadline is 
established by agreement of the Federal 
agency, lead agency, and the project spon-
sor, where applicable, or the deadline is ex-
tended by the Federal agency for good 
cause, provided that such extension shall
not extend beyond a period that is 1 year 
after the lead agency issues the record of 
decision or finding of no significant im-
pact. 
‘‘(C) FAILURE TO ACT.—In the event that 
any Federal agency fails to approve, or other-
wise to act upon, a permit, license, or other 
similar application for approval related to a 
project within the applicable deadline described 
in subparagraph (A) or (B), the permit, license, 
or other similar application shall be deemed ap-
proved by such agency and the agency shall 
take action in accordance with such approval 
within 30 days of the applicable deadline de-
scribed in subparagraph (A) or (B). 
‘‘(D) FINAL
AGENCY
ACTION.—Any ap-
proval under subparagraph (C) is deemed to be 
final agency action, and may not be reversed by 
any agency. In any action under chapter 7 seek-
ing review of such a final agency action, the 
court may not set aside such agency action by 
reason of that agency action having occurred 
under this paragraph. 
‘‘(j) ISSUE IDENTIFICATION AND RESOLUTION.—
‘‘(1) COOPERATION.—The lead agency and the 
participating agencies shall work cooperatively in ac-
cordance with this section to identify and resolve 
issues that could delay completion of the environ-
mental review or could result in denial of any ap-
provals required for the project under applicable 
laws. 
‘‘(2) LEAD
AGENCY
RESPONSIBILITIES.—The 
lead agency shall make information available to the 
participating agencies as early as practicable in the 
environmental review regarding the environmental, 
historic, and socioeconomic resources located within 
the project area and the general locations of the al-
ternatives under consideration. Such information 
may be based on existing data sources, including ge-
ographic information systems mapping. 
‘‘(3) PARTICIPATING
AGENCY
RESPONSIBIL-
ITIES.—Based on information received from the lead 
agency, participating agencies shall identify, as early 
as practicable, any issues of concern regarding the 
project’s potential environmental, historic, or socio-
economic impacts. In this paragraph, issues of con-
cern include any issues that could substantially delay 
or prevent an agency from granting a permit or 
other approval that is needed for the project.
‘‘(4) ISSUE RESOLUTION.— 
‘‘(A) MEETING OF PARTICIPATING AGEN-
CIES.—At any time upon request of a project 
sponsor, the lead agency shall promptly convene 
a meeting with the relevant participating agen-
cies and the project sponsor, to resolve issues 
that could delay completion of the environ-
mental review or could result in denial of any 
approvals required for the project under appli-
cable laws. 
‘‘(B) NOTICE THAT RESOLUTION CANNOT 
BE
ACHIEVED.—If a resolution cannot be 
achieved within 30 days following such a meet-
ing and a determination by the lead agency that 
all information necessary to resolve the issue 
has been obtained, the lead agency shall notify 
the heads of all participating agencies, the 
project sponsor, and the Council on Environ-
mental Quality for further proceedings in ac-
cordance with section 204 of NEPA, and shall 
publish such notification in the Federal Reg-
ister. 
‘‘(k) REPORT TO CONGRESS.—The head of each Fed-
eral agency shall report annually to Congress—
‘‘(1) the projects for which the agency initiated 
preparation of an environmental impact statement or 
environmental assessment; 
‘‘(2) the projects for which the agency issued a 
record of decision or finding of no significant impact 
and the length of time it took the agency to com-
plete the environmental review for each such project; 
‘‘(3) the filing of any lawsuits against the agen-
cy seeking judicial review of a permit, license, or ap-
proval issued by the agency for an action subject to 
NEPA, including the date the complaint was filed, 
the court in which the complaint was filed, and a 
summary of the claims for which judicial review was 
sought; and 
‘‘(4) the resolution of any lawsuits against the 
agency that sought judicial review of a permit, li-
cense, or approval issued by the agency for an action 
subject to NEPA. 
‘‘(l) LIMITATIONS ON CLAIMS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, a claim arising under Federal law 
seeking judicial review of a permit, license, or ap-
proval issued by a Federal agency for an action sub-
ject to NEPA shall be barred unless—
‘‘(A) in the case of a claim pertaining to 
a project for which an environmental review 
was conducted and an opportunity for comment 
was provided, the claim is filed by a party that 
submitted a comment during the environmental 
review on the issue on which the party seeks ju-
dicial review, and such comment was suffi-
ciently detailed to put the lead agency on notice 
of the issue upon which the party seeks judicial 
review; and 
‘‘(B) filed within 180 days after publica-
tion of a notice in the Federal Register an-
nouncing that the permit, license, or approval is 
final pursuant to the law under which the agen-
cy action is taken, unless a shorter time is spec-
ified in the Federal law pursuant to which judi-
cial review is allowed. 
‘‘(2) NEW INFORMATION.—The preparation of 
a supplemental environmental impact statement, 
when required, is deemed a separate final agency ac-
tion and the deadline for filing a claim for judicial 
review of such action shall be 180 days after the 
date of publication of a notice in the Federal Reg-
ister announcing the record of decision for such ac-
tion. Any claim challenging agency action on the
basis of information in a supplemental environ-
mental impact statement shall be limited to chal-
lenges on the basis of that information. 
‘‘(3) RULE
OF
CONSTRUCTION.—Nothing in 
this subsection shall be construed to create a right 
to judicial review or place any limit on filing a claim 
that a person has violated the terms of a permit, li-
cense, or approval. 
‘‘(m) CATEGORIES OF PROJECTS.—The authorities 
granted under this subchapter may be exercised for an in-
dividual project or a category of projects. 
‘‘(n) EFFECTIVE DATE.—The requirements of this 
subchapter shall apply only to environmental reviews and 
environmental decisionmaking processes initiated after the 
date of enactment of this subchapter. 
‘‘(o) APPLICABILITY.—Except as provided in sub-
section (p), this subchapter applies, according to the provi-
sions thereof, to all projects for which a Federal agency 
is required to undertake an environmental review or make 
a decision under an environmental law for a project for 
which a Federal agency is undertaking an environmental 
review. 
‘‘(p) SAVINGS CLAUSE.—Nothing in this section shall 
be construed to supersede, amend, or modify sections 134, 
135, 139, 325, 326, and 327 of title 23, United States
Code, sections 5303 and 5304 of title 49, United States 
Code, or subtitle C of title I of division A of the Moving 
Ahead for Progress in the 21st Century Act and the 
amendments made by such subtitle (Public Law 112– 
141).’’. 
(b) TECHNICAL AMENDMENT.—The table of sections 
for chapter 5 of title 5, United States Code, is amended 
by inserting after the item relating to subchapter II the 
following: 
‘‘SUBCHAPTER IIA—INTERAGENCY COORDINATION REGARDING 
PERMITTING 
‘‘560. Coordination of agency administrative operations for efficient decision-
making.’’. 
(c) REGULATIONS.— 
(1) COUNCIL ON ENVIRONMENTAL QUALITY.— 
Not later than 180 days after the date of enactment 
of this title, the Council on Environmental Quality 
shall amend the regulations contained in part 1500 
of title 40, Code of Federal Regulations, to imple-
ment the provisions of this title and the amendments 
made by this title, and shall by rule designate States 
with laws and procedures that satisfy the criteria 
under section 560(d)(2)(A) of title 5, United States 
Code. 
(2) FEDERAL AGENCIES.—Not later than 120 
days after the date that the Council on Environ-
mental Quality amends the regulations contained in
part 1500 of title 40, Code of Federal Regulations, 
to implement the provisions of this title and the 
amendments made by this title, each Federal agency 
with regulations implementing the National Environ-
mental Policy Act of 1969 (42 U.S.C. 4321 et seq.) 
shall amend such regulations to implement the pro-
visions of this subchapter. 
TITLE VI—SECURITIES AND EX-
CHANGE COMMISSION REGU-
LATORY ACCOUNTABILITY 
SEC. 601. SHORT TITLE. 
This title may be cited as the ‘‘SEC Regulatory Ac-
countability Act’’. 
SEC. 602. CONSIDERATION BY THE SECURITIES AND EX-
CHANGE COMMISSION OF THE COSTS AND 
BENEFITS OF ITS REGULATIONS AND CER-
TAIN OTHER AGENCY ACTIONS. 
Section 23 of the Securities Exchange Act of 1934 
(15 U.S.C. 78w) is amended by adding at the end the fol-
lowing: 
‘‘(e) CONSIDERATION OF COSTS AND BENEFITS.— 
‘‘(1) IN GENERAL.—Before issuing a regulation 
under the securities laws, as defined in section 3(a), 
the Commission shall—
‘‘(A) clearly identify the nature and source 
of the problem that the proposed regulation is 
designed to address, as well as assess the sig-
nificance of that problem, to enable assessment 
of whether any new regulation is warranted; 
‘‘(B) utilize the Chief Economist to assess 
the costs and benefits, both qualitative and 
quantitative, of the intended regulation and 
propose or adopt a regulation only on a rea-
soned determination that the benefits of the in-
tended regulation justify the costs of the regula-
tion; 
‘‘(C) identify and assess available alter-
natives to the regulation that were considered, 
including modification of an existing regulation, 
together with an explanation of why the regula-
tion meets the regulatory objectives more effec-
tively than the alternatives; and 
‘‘(D) ensure that any regulation is acces-
sible, consistent, written in plain language, and 
easy to understand and shall measure, and seek 
to improve, the actual results of regulatory re-
quirements. 
‘‘(2) CONSIDERATIONS AND ACTIONS.—
‘‘(A) REQUIRED
ACTIONS.—In deciding 
whether and how to regulate, the Commission 
shall assess the costs and benefits of available 
regulatory alternatives, including the alternative 
of not regulating, and choose the approach that 
maximizes net benefits. Specifically, the Com-
mission shall— 
‘‘(i) consistent with the requirements 
of section 3(f) (15 U.S.C. 78c(f)), section 
2(b) of the Securities Act of 1933 (15 
U.S.C. 77b(b)), section 202(c) of the In-
vestment Advisers Act of 1940 (15 U.S.C. 
80b–2(c)), and section 2(c) of the Invest-
ment Company Act of 1940 (15 U.S.C. 
80a–2(c)), consider whether the rule-
making will promote efficiency, competi-
tion, and capital formation; 
‘‘(ii) evaluate whether, consistent with 
obtaining regulatory objectives, the regula-
tion is tailored to impose the least burden 
on society, including market participants, 
individuals, businesses of differing sizes, 
and other entities (including State and 
local governmental entities), taking into ac-
count, to the extent practicable, the cumu-
lative costs of regulations; and 
‘‘(iii) evaluate whether the regulation 
is inconsistent, incompatible, or duplicative 
of other Federal regulations. 
‘‘(B) ADDITIONAL
CONSIDERATIONS.—In 
addition, in making a reasoned determination of 
the costs and benefits of a potential regulation, 
the Commission shall, to the extent that each is 
relevant to the particular proposed regulation, 
take into consideration the impact of the regu-
lation on— 
‘‘(i) investor choice; 
‘‘(ii) market liquidity in the securities 
markets; and 
‘‘(iii) small businesses 
‘‘(3) EXPLANATION
AND
COMMENTS.—The 
Commission shall explain in its final rule the nature 
of comments that it received, including those from 
the industry or consumer groups concerning the po-
tential costs or benefits of the proposed rule or pro-
posed rule change, and shall provide a response to 
those comments in its final rule, including an expla-
nation of any changes that were made in response 
to those comments and the reasons that the Com-
mission did not incorporate those industry group 
concerns related to the potential costs or benefits in 
the final rule. 
‘‘(4) REVIEW OF EXISTING REGULATIONS.—Not 
later than 1 year after the date of enactment of the 
SEC Regulatory Accountability Act, and every 5 
years thereafter, the Commission shall review its 
regulations to determine whether any such regula-
tions are outmoded, ineffective, insufficient, or ex-
cessively burdensome, and shall modify, streamline, 
expand, or repeal them in accordance with such re-
view. In reviewing any regulation (including, not-
withstanding paragraph (6), a regulation issued in 
accordance with formal rulemaking provisions) that 
subjects issuers with a public float of $250,000,000 
or less to the attestation and reporting requirements 
of section 404(b) of the Sarbanes-Oxley Act of 2002 
(15 U.S.C. 7262(b)), the Commission shall specifi-
cally take into account the large burden of such reg-
ulation when compared to the benefit of such regula-
tion. 
‘‘(5) POST-ADOPTION IMPACT ASSESSMENT.— 
‘‘(A) IN
GENERAL.—Whenever the Com-
mission adopts or amends a regulation des-
ignated as a ‘major rule’ within the meaning of
section 804(2) of title 5, United States Code, it 
shall state, in its adopting release, the fol-
lowing: 
‘‘(i) The purposes and intended con-
sequences of the regulation. 
‘‘(ii) Appropriate post-implementation 
quantitative and qualitative metrics to 
measure the economic impact of the regu-
lation and to measure the extent to which 
the regulation has accomplished the stated 
purposes. 
‘‘(iii) The assessment plan that will be 
used, consistent with the requirements of 
subparagraph (B) and under the super-
vision of the Chief Economist of the Com-
mission, to assess whether the regulation 
has achieved the stated purposes. 
‘‘(iv) Any unintended or negative con-
sequences that the Commission foresees 
may result from the regulation. 
‘‘(B) REQUIREMENTS
OF
ASSESSMENT 
PLAN AND REPORT.— 
‘‘(i) REQUIREMENTS OF PLAN.—The 
assessment plan required under this para-
graph shall consider the costs, benefits,
and intended and unintended consequences 
of the regulation. The plan shall specify 
the data to be collected, the methods for 
collection and analysis of the data and a 
date for completion of the assessment. 
‘‘(ii) SUBMISSION
AND
PUBLICATION 
OF REPORT.—The Chief Economist shall 
submit the completed assessment report to 
the Commission no later than 2 years after 
the publication of the adopting release, un-
less the Commission, at the request of the 
Chief Economist, has published at least 90 
days before such date a notice in the Fed-
eral Register extending the date and pro-
viding specific reasons why an extension is 
necessary. Within 7 days after submission 
to the Commission of the final assessment 
report, it shall be published in the Federal 
Register for notice and comment. Any ma-
terial modification of the plan, as nec-
essary to assess unforeseen aspects or con-
sequences of the regulation, shall be 
promptly published in the Federal Register 
for notice and comment.
‘‘(iii) DATA
COLLECTION
NOT
SUB-
JECT TO NOTICE AND COMMENT REQUIRE-
MENTS.—If the Commission has published 
its assessment plan for notice and com-
ment, specifying the data to be collected 
and method of collection, at least 30 days 
prior to adoption of a final regulation or 
amendment, such collection of data shall 
not be subject to the notice and comment 
requirements in section 3506(c) of title 44, 
United States Code (commonly referred to 
as the Paperwork Reduction Act). Any ma-
terial modifications of the plan that require 
collection of data not previously published 
for notice and comment shall also be ex-
empt from such requirements if the Com-
mission has published notice for comment 
in the Federal Register of the additional 
data to be collected, at least 30 days prior 
to initiation of data collection. 
‘‘(iv) FINAL ACTION.—Not later than 
180 days after publication of the assess-
ment report in the Federal Register, the 
Commission shall issue for notice and com-
ment a proposal to amend or rescind the
regulation, or publish a notice that the 
Commission has determined that no action 
will be taken on the regulation. Such a no-
tice will be deemed a final agency action. 
‘‘(6) COVERED
REGULATIONS
AND
OTHER 
AGENCY ACTIONS.—Solely as used in this subsection, 
the term ‘regulation’— 
‘‘(A) means an agency statement of gen-
eral applicability and future effect that is de-
signed to implement, interpret, or prescribe law 
or policy or to describe the procedure or prac-
tice requirements of an agency, including rules, 
orders of general applicability, interpretive re-
leases, and other statements of general applica-
bility that the agency intends to have the force 
and effect of law; and 
‘‘(B) does not include— 
‘‘(i) a regulation issued in accordance 
with the formal rulemaking provisions of 
section 556 or 557 of title 5, United States 
Code; 
‘‘(ii) a regulation that is limited to 
agency organization, management, or per-
sonnel matters;
‘‘(iii) a regulation promulgated pursu-
ant to statutory authority that expressly 
prohibits compliance with this provision; 
and 
‘‘(iv) a regulation that is certified by 
the agency to be an emergency action, if 
such certification is published in the Fed-
eral Register.’’. 
SEC. 603. SENSE OF CONGRESS RELATING TO OTHER REGU-
LATORY ENTITIES. 
It is the sense of the Congress that other regulatory 
entities, including the Public Company Accounting Over-
sight Board, the Municipal Securities Rulemaking Board, 
and any national securities association registered under 
section 15A of the Securities Exchange Act of 1934 (15 
U.S.C. 78o–3) should also follow the requirements of sec-
tion 23(e) of such Act, as added by this title. 
SEC. 604. INTERPRETIVE GUIDANCE NULL AND VOID. 
Notwithstanding any other provision of law, no inter-
pretive guidance issued by the Securities and Exchange 
Commission on or after the effective date of this Act relat-
ing to ‘‘Commission Guidance Regarding Disclosure Re-
lated to Climate Change’’, affecting parts 211, 231, and 
249 of title 17, Code of Federal Regulations (as described 
in Commission Release Nos. 33–9106; 34–61469; FR–
82), or any successor thereto, may take effect, and such 
guidance shall have no force or effect with respect to any 
person on or after February 2, 2010. 
SEC. 605. OTHER SEC ACTION PROHIBITED. 
(a) FURTHER GUIDANCE RELATED
TO CLIMATE 
CHANGE.—The Commission may not issue any interpre-
tive guidance with respect to disclosures related to climate 
change on or after the effective date of this Act. 
(b) VOLUNTARY SUBMISSIONS.—The Commission 
may not issue any interpretive guidance that would estab-
lish any requirements with respect to the content of or 
format for any disclosures related to climate change volun-
tarily submitted by any entity to the Commission on or 
after the effective date of this Act. 
(c) CIVIL AND ADMINISTRATIVE ACTIONS.—No civil 
or administrative action or proceeding pertaining to disclo-
sures related to climate change may be initiated by the 
Commission on or after the date of the enactment of this 
Act and any such actions or proceedings pending on such 
date shall be terminated. 
(d) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed as to— 
(1) prohibit the Commission from issuing inter-
pretive guidance with respect to disclosures related
to non-anthropogenic or natural climate variability 
observed over comparable time periods; or 
(2) terminate an administrative action or pro-
ceeding pertaining to such disclosures. 
TITLE VII—CONSIDERATION BY 
COMMODITY FUTURES TRAD-
ING 
COMMISSION 
OF 
CER-
TAIN COSTS AND BENEFITS 
SEC. 701. CONSIDERATION BY THE COMMODITY FUTURES 
TRADING COMMISSION OF THE COSTS AND 
BENEFITS OF ITS REGULATIONS AND OR-
DERS. 
Section 15(a) of the Commodity Exchange Act (7 
U.S.C. 19(a)) is amended by striking paragraphs (1) and 
(2) and inserting the following: 
‘‘(1) IN GENERAL.—Before promulgating a reg-
ulation under this Act or issuing an order (except as 
provided in paragraph (3)), the Commission, 
through the Office of the Chief Economist, shall as-
sess the costs and benefits, both qualitative and 
quantitative, of the intended regulation and propose 
or adopt a regulation only on a reasoned determina-
tion that the benefits of the intended regulation jus-
tify the costs of the intended regulation (recognizing 
that some benefits and costs are difficult to quan-
tify). It must measure, and seek to improve, the ac-
tual results of regulatory requirements. 
‘‘(2) CONSIDERATIONS.—In making a reasoned 
determination of the costs and the benefits, the 
Commission shall evaluate— 
‘‘(A) considerations of protection of market 
participants and the public; 
‘‘(B) considerations of the efficiency, com-
petitiveness, and financial integrity of futures 
and swaps markets; 
‘‘(C) considerations of the impact on mar-
ket liquidity in the futures and swaps markets; 
‘‘(D) considerations of price discovery; 
‘‘(E) considerations of sound risk manage-
ment practices; 
‘‘(F) available alternatives to direct regula-
tion; 
‘‘(G) the degree and nature of the risks 
posed by various activities within the scope of 
its jurisdiction; 
‘‘(H) whether, consistent with obtaining 
regulatory objectives, the regulation is tailored 
to impose the least burden on society, including 
market participants, individuals, businesses of 
differing sizes, and other entities (including
small communities and governmental entities), 
taking into account, to the extent practicable, 
the cumulative costs of regulations; 
‘‘(I) whether the regulation is inconsistent, 
incompatible, or duplicative of other Federal 
regulations; 
‘‘(J) whether, in choosing among alter-
native regulatory approaches, those approaches 
maximize net benefits (including potential eco-
nomic, environmental, and other benefits, dis-
tributive impacts, and equity); and 
‘‘(K) other public interest considerations.’’. 
TITLE 
VIII—ENSURING 
HIGH 
STANDARDS 
FOR 
AGENCY 
USE OF SCIENTIFIC INFOR-
MATION 
SEC. 801. REQUIREMENT FOR FINAL GUIDELINES. 
(a) IN GENERAL.—Not later than January 1, 2013, 
each Federal agency shall have in effect guidelines for en-
suring and maximizing the quality, objectivity, utility, and 
integrity of scientific information relied upon by such 
agency. 
(b) CONTENT OF GUIDELINES.—The guidelines de-
scribed in subsection (a), with respect to a Federal agency, 
shall ensure that—