the regulatory cost reduction required under subsection 
(a) of this section to be made at the time the agency pro-
mulgates a new rule. 
(c) ACHIEVEMENT
OF FULL NET COST REDUC-
TIONS.— 
(1) IN GENERAL.—Subject to the provisions of 
paragraph (2), an agency may offset the costs of a 
new rule or set of rules by repealing a rule or set 
of rules listed by the Commission under section 
101(h)(4)(A)(ii) that implement the same statutory 
authority as the new rule or set of rules. 
(2) LIMITATION.—When using the authority 
provided in paragraph (1), the agency must achieve 
a net reduction in costs imposed by the agency’s 
body of rules (including the new rule or set of rules) 
that is equal to or greater than the cost of the new 
rule or set of rules to be promulgated, including, 
whenever necessary, by repealing additional rules of 
the agency listed by the Commission under section 
101(h)(4)(A)(ii). 
SEC. 202. APPLICABILITY. 
An agency shall no longer be subject to the require-
ments of sections 201 and 203 beginning on the date that 
there is no rule or set of rules of the agency classified 
by the Commission under section 101(h)(4)(A)(ii) that has 
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not been repealed such that all regulatory cost reductions 
identified by the Commission to be achievable through re-
peal have been achieved. 
SEC. 203. OIRA CERTIFICATION OF COST CALCULATIONS. 
The Administrator of the Office of Information and 
Regulatory Affairs of the Office of Management and 
Budget shall review and certify the accuracy of agency de-
terminations of the costs of new rules under section 201. 
The certification shall be included in the administrative 
record of the relevant rulemaking by the agency promul-
gating the rule, and the Administrator shall transmit a 
copy of the certification to Congress when it transmits the 
certification to the agency. 
TITLE III—RETROSPECTIVE 
REVIEW OF NEW RULES 
SEC. 301. PLAN FOR FUTURE REVIEW. 
When an agency makes a rule, the agency shall in-
clude in the final issuance of such rule a plan for the re-
view of such rule by not later than 10 years after the date 
such rule is made. Such a review, in the case of a major 
rule, shall be substantially similar to the review by the 
Commission under section 101(h). In the case of a rule 
other than a major rule, the agency’s plan for review shall 
include other procedures and standards to enable the 
agency to determine whether to repeal or amend the rule 
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to eliminate unnecessary regulatory costs to the economy. 
Whenever feasible, the agency shall include a proposed 
plan for review of a proposed rule in its notice of proposed 
rulemaking and shall receive public comment on the plan. 
TITLE IV—JUDICIAL REVIEW 
SEC. 401. JUDICIAL REVIEW. 
(a) IMMEDIATE REPEALS.—Agency compliance with 
section 101(j) of this Act shall be subject to judicial review 
under chapter 7 of title 5, United States Code. 
(b) CUT-GO PROCEDURES.—Agency compliance with 
title II of this Act shall be subject to judicial review under 
chapter 7 of title 5, United States Code. 
(c) PLANS FOR FUTURE REVIEW.—Agency compli-
ance with section 301 shall be subject to judicial review 
under chapter 7 of title 5, United States Code. 
TITLE V—MISCELLANEOUS 
PROVISIONS 
SEC. 501. DEFINITIONS. 
In this Act: 
(1) AGENCY.—The term ‘‘agency’’ has the 
meaning given such term in section 551 of title 5, 
United States Code. 
(2) COMMISSION.—The term ‘‘Commission’’ 
means the Retrospective Regulatory Review Commis-
sion established under section 101. 
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(3) MAJOR
RULE.—The term ‘‘major rule’’ 
means any rule that the Administrator of the Office 
of Information and Regulatory Affairs determines is 
likely to impose— 
(A) an annual cost on the economy of 
$100,000,000 or more, adjusted annually for 
inflation; 
(B) a major increase in costs or prices for 
consumers, 
individual 
industries, 
Federal, 
State, local, or tribal government agencies, or 
geographic regions; 
(C) significant adverse effects on competi-
tion, employment, investment, productivity, in-
novation, or on the ability of United States- 
based enterprises to compete with foreign-based 
enterprises in domestic and export markets; or 
(D) significant impacts on multiple sectors 
of the economy. 
(4) RULE.—The term ‘‘rule’’ has the meaning 
given that term in section 551 of title 5, United 
States Code. 
(5) SET OF RULES.—The term ‘‘set of rules’’ 
means a set of rules that collectively implements a 
regulatory authority of an agency. 
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SEC. 502. EFFECTIVE DATE. 
This Act and the amendments made by this Act shall 
take effect beginning on the date of the enactment of this 
Act. 
Æ 
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