Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Unfunded Mandates Ac-
countability and Transparency Act of 2025’’. 
SEC. 2. REGULATORY IMPACT ANALYSES FOR CERTAIN 
RULES. 
The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 
1501 et seq.) is amended— 
(1) by striking ‘‘tribal’’ each place that term ap-
pears and inserting ‘‘Tribal’’; 
(2) in section 3 (2 U.S.C. 1502)— 
(A) in paragraph (1), by striking ‘‘and’’ at 
the end; 
(B) in paragraph (2), by striking the period 
at the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(3) the term ‘major rule’ means a rule, as de-
fined in section 551 of title 5, United States Code, 
that the Administrator of the Office of Information 
and Regulatory Affairs determines is likely to 
cause— 
‘‘(A) an annual effect on the economy of 
$100,000,000 or more, adjusted once every 5 
years to reflect increases in the Consumer Price 
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Index for All Urban Consumers, as published by 
the Bureau of Labor Statistics of the Department 
of Labor; 
‘‘(B) a major increase in costs or prices for 
consumers, individual industries, Federal, State, 
local, or Tribal government agencies, or geo-
graphic regions; or 
‘‘(C) significant adverse effects on competi-
tion, employment, investment, productivity, in-
novation, public health and safety, or the ability 
of United States-based enterprises to compete 
with foreign-based enterprises in domestic and 
export markets.’’; and 
(3) in section 202 (2 U.S.C. 1532)— 
(A) by striking the section heading and in-
serting the following: 
‘‘SEC. 202. REGULATORY IMPACT ANALYSES FOR CERTAIN 
RULES.’’; 
(B) by redesignating subsections (b) and (c) 
as subsections (d) and (e), respectively; 
(C) by striking subsection (a) and inserting 
the following: 
‘‘(a) DEFINITION OF COST.—In this section, the term 
‘cost’ means the cost of compliance and any reasonably fore-
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seeable indirect costs, including revenues lost, as a result 
of a major rule of an agency that is subject to this section. 
‘‘(b) REGULATORY IMPACT ANALYSES.— 
‘‘(1) REQUIREMENT.—Before promulgating any 
proposed or final major rule, the agency promul-
gating the major rule shall prepare and publish in 
the Federal Register an initial and final regulatory 
impact analysis with respect to the major rule. 
‘‘(2) INITIAL REGULATORY IMPACT ANALYSIS.— 
An initial regulatory impact analysis required under 
paragraph (1) shall— 
‘‘(A) accompany the notice of proposed rule-
making with respect to the major rule that is the 
subject of the analysis; and 
‘‘(B) be open to public comment. 
‘‘(3) FINAL REGULATORY IMPACT ANALYSIS.—A 
final regulatory impact analysis required under 
paragraph (1) shall accompany the final major rule 
that is the subject of the analysis. 
‘‘(c) CONTENT.—Each initial and final regulatory im-
pact analysis prepared and published under subsection (b) 
shall include, with respect to the major rule that is the sub-
ject of the analysis— 
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‘‘(1)(A) an analysis of the anticipated benefits 
and costs of the major rule, which shall be quantified 
to the extent feasible; 
‘‘(B) an analysis of the benefits and costs of a 
reasonable number of regulatory alternatives within 
the range of the discretion of the agency under the 
statute authorizing the major rule, including alter-
natives that— 
‘‘(i) use incentives and market-based means 
to encourage the desired behavior; 
‘‘(ii) provide information based upon which 
the public can make choices; or 
‘‘(iii) employ other flexible regulatory op-
tions that permit the greatest flexibility in 
achieving the objectives of the statute authorizing 
the major rule; and 
‘‘(C) an explanation of how the major rule com-
plies with the requirements of section 205; 
‘‘(2) an assessment of the extent to which— 
‘‘(A) the costs to State, local, and Tribal 
governments may be paid with Federal financial 
assistance (or otherwise paid for by the Federal 
Government); and 
‘‘(B) Federal resources are available to 
carry out the major rule; 
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‘‘(3) estimates of— 
‘‘(A) any disproportionate budgetary effects 
of the major rule upon any particular— 
‘‘(i) regions of the United States; 
‘‘(ii) State, local, or Tribal govern-
ments; 
‘‘(iii) types of communities, including 
urban or rural communities; or 
‘‘(iv) segments of the private sector; 
and 
‘‘(B) the effect of the major rule on job cre-
ation or job loss, which shall be quantified to the 
extent feasible; and 
‘‘(4)(A) a description of the extent of the prior 
consultation of the agency under section 204 with 
elected representatives of each affected State, local, or 
Tribal government; 
‘‘(B) a summary of the comments and concerns 
that were presented to the agency orally or in writing 
by State, local, or Tribal governments; and 
‘‘(C) a summary of the evaluation by the agency 
of the comments and concerns described in subpara-
graph (B).’’; 
(D) in subsection (d), as so redesignated, by 
striking ‘‘a statement under subsection (a) is re-
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quired, the agency shall include in the promulga-
tion a summary of the information contained in 
the statement’’ and inserting ‘‘an analysis under 
subsection (b) is required, the agency promul-
gating the major rule shall include in the pro-
mulgation a summary of the information con-
tained in the analysis’’; and 
(E) in subsection (e), as so redesignated, by 
striking ‘‘any statement required under sub-
section (a) in conjunction with or as a part of 
any other statement or analysis, provided that 
the statement or analysis satisfies the provisions 
of subsection (a)’’ and inserting ‘‘any analysis 
required under subsection (b) in conjunction 
with, or as a part of, any other statement or 
analysis if the other statement or analysis satis-
fies the requirements of subsections (b) and (c)’’. 
SEC. 3. 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)— 
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