agency that promulgates or is expected to lead to the 
promulgation of a final rule or regulation, including 
a notice of inquiry, an advance notice of proposed 
rulemaking, and a notice of proposed rulemaking. 
(3) RULE.—The term ‘‘rule’’ has the meaning 
given that term under section 551 of title 5, United 
States Code. 
(4) SIGNIFICANT
REGULATORY
ACTION.—The 
term ‘‘significant regulatory action’’ means any reg-
ulatory action that is likely to result in a rule or 
guidance that the Administrator of the Office of In-
formation and Regulatory Affairs of the Office of 
Management and Budget finds is likely to have an 
annual cost to the economy of $50,000,000 or more 
or adversely affect in a material way the economy, 
a sector of the economy, productivity, competition, 
jobs, the environment, public health or safety, small 
entities, or State, local, or tribal governments or 
communities. In determining the annual cost to the 
economy under this paragraph, the Administrator 
shall take into account any expected change in rev-
enue of businesses that will be caused by such regu-
latory action, as well as any change in revenue of 
businesses that has already taken place as busi-
nesses prepare for the implementation of the regu-
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latory action. If meeting that definition, such term 
includes any requirement by the Secretary of the 
Treasury, except to the extent provided in Treasury 
Regulations as in effect on February 21, 2011, that 
a payor of interest make an information return in 
the case of interest— 
(A) 
which 
is 
described 
in 
section 
871(i)(2)(A) of the Internal Revenue Code of 
1986, and 
(B) which is paid— 
(i) to a nonresident alien, and 
(ii) on a deposit maintained at an of-
fice within the United States. 
(5) SMALL ENTITY.—The term ‘‘small entity’’ 
has the meaning given that term under section 
601(6) of title 5, United States Code. 
Subtitle B—Midnight Rule Relief 
SEC. 311. SHORT TITLE. 
This subtitle may be cited as the ‘‘Midnight Rule Re-
lief Act of 2015’’. 
SEC. 312. MORATORIUM ON MIDNIGHT RULES. 
Except as provided under section 311, during the 
moratorium period, an agency may not propose or finalize 
any midnight rule that the Administrator of the Office of 
Information and Regulatory Affairs of the Office of Man-
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agement and Budget finds is likely to result in an annual 
cost to the economy of $50,000,000 or more or adversely 
affect in a material way the economy, a sector of the econ-
omy, productivity, competition, jobs, the environment, 
public health or safety, small entities, or State, local, or 
tribal governments or communities. 
SEC. 313. EXCEPTION. 
(a) EMERGENCY EXCEPTION.— 
(1) IN GENERAL.—Section 312 shall not apply 
to a midnight rule if the President determines that 
the midnight rule is— 
(A) necessary because of an imminent 
threat to health or safety or other emergency; 
(B) necessary for the enforcement of crimi-
nal or civil rights laws; 
(C) necessary for the national security of 
the United States; or 
(D) issued pursuant to any statute imple-
menting an international trade agreement. 
(2) CONGRESSIONAL DISAPPROVAL.—If a joint 
resolution disapproving a midnight rule described in 
paragraph (1) is enacted into law not later than 30 
legislative days after the determination made by the 
President under paragraph (1), an agency may not 
propose or finalize that midnight rule, and any mid-
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night rule finalized pursuant to that determination 
under paragraph (1) prior to the enactment of the 
joint resolution shall have no force or effect. 
(b) DEREGULATORY EXCEPTION.—Section 312 shall 
not apply to a midnight rule that the Administrator of 
the Office of Information and Regulatory Affairs within 
the Office of Management and Budget certifies in writing 
is limited to repealing an existing rule. 
(c) NOTICE OF EXCEPTIONS.—Not later than 30 
days after a determination under subsection (a) or a cer-
tification is made under subsection (b), the head of the 
relevant agency shall publish in the Federal Register any 
midnight rule excluded from the moratorium period due 
to an exception under this section. 
SEC. 314. DEFINITIONS. 
In this subtitle: 
(1) AGENCY.—The term ‘‘agency’’ has the 
meaning given that term under section 551 of title 
5, United States Code, except that such term does 
not include— 
(A) the Board of Governors of the Federal 
Reserve System; 
(B) the Federal Open Market Committee; 
or 
(C) the United States Postal Service. 
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(2) MORATORIUM PERIOD.—The term ‘‘morato-
rium period’’ means the day after the day referred 
to in section 1 of title 3, United States Code, 
through January 20 of the following year, in which 
a President is not serving a consecutive term. 
(3) MIDNIGHT
RULE.—The term ‘‘midnight 
rule’’ means an agency statement of general applica-
bility and future effect, issued during the morato-
rium period, that is intended to have the force and 
effect of law and is designed— 
(A) to implement, interpret, or prescribe 
law or policy; or 
(B) to describe the procedure or practice 
requirements of an agency. 
(4) RULE.—The term ‘‘rule’’ has the meaning 
given that term under section 551 of title 5, United 
States Code. 
(5) SMALL ENTITY.—The term ‘‘small entity’’ 
has the meaning given that term under section 
601(6) of title 5, United States Code. 
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