(B) The requirement under subsection
(b)(2).
(2) APPLICATION AFTER SECOND STATEMENT.—
The requirement under subsection (b)(1) to include
analyses of impacts on wages, consumer prices, and
economic growth shall not apply to the first and sec-
ond accounting statements submitted under this sec-
tion.
SEC. 5. NOTICE AND COMMENT.
(a) IN GENERAL.—Before submitting an accounting
statement and the associated report to Congress under sec-
tion 4, and before preparing final guidelines under section
6, the Director of the Office of Management and Budget
shall—
(1) provide public notice and an opportunity of
at least 60 days for submission of comments on the
statement and report or guidelines, respectively; and
(2) consult with the Director of the Congressional
Budget Office on the statement and report or guide-
lines, respectively.
(b) APPENDIX.—After consideration of the comments,
the Director shall include an appendix to the report or
guidelines, respectively, addressing the public comments
and peer review comments under section 7.
(c) AVAILABILITY OF PEER REVIEW COMMENTS.—To
ensure openness, the Director shall make all final peer re-
view comments available in their entirety to the public.
SEC. 6. GUIDELINES FROM THE OFFICE OF MANAGEMENT
AND BUDGET.
(a) IN GENERAL.—Not later than 270 days after the
date of enactment of this Act, the Director of the Office of
Management and Budget, in consultation with the Council
of Economic Advisers, shall issue guidelines to agencies to
standardize—
(1) most plausible measures of costs and benefits;
(2) the means of gathering information used to
prepare accounting statements under this Act, includ-
ing information required for impact analyses re-
quired under section 4(b)(1); and
(3) the format of information provided for ac-
counting statements, including summary tables.
(b) REVIEW.—The Director shall review submissions
from the agencies to ensure consistency with the guidelines
under this section.
SEC. 7. PEER REVIEW.
(a) IN GENERAL.—The Director of the Office of Man-
agement and Budget shall arrange for 2 or more persons
that have nationally recognized expertise in regulatory
analysis and regulatory accounting and that are inde-
pendent of and external to the Government, to provide peer
review of each accounting statement and associated report
under section 4 and the guidelines under section 6 before
the statement, report, or guidelines are final.
(b) WRITTEN COMMENTS.—The peer review under this
section shall provide written comments to the Director in
a timely manner. The Director shall use the peer review
comments in preparing the final statements, associated re-
ports, and guidelines.
(c) FACA.—Peer review under this section shall not
be subject to the Federal Advisory Committee Act (5 U.S.C.
App.).
(d) BALANCE
AND INDEPENDENCE.—The Director
shall ensure that—
(1) the persons that provide peer review under
subsection (a) are fairly balanced with respect to the
points of view represented;
(2) no person that provides peer review under
subsection (a) has a conflict of interest that is rel-
evant to the functions to be performed in the review;
and
(3) the comments provided by those persons—
(A) are not inappropriately influenced by
any special interest; and
(B) are the result of independent judgment.
Union Calendar No. 93
106TH CONGRESS
1ST SESSION
H. R. 1074
[Report No. 106–168]
A BILL
To provide Governmentwide accounting of regu-
latory costs and benefits, and for other purposes.
JUNE 7, 1999
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union,
and ordered to be printed