To provide that no agency may take any significant regulatory action until the unemployment rate is equal to or less than 7.7 percent.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regulation Moratorium and Jobs 
Preservation Act of 2011''.

SEC. 2. DEFINITIONS.

    In this Act--
            (1) the term ``agency'' has the meaning given under section 
        3502(1) of title 44, United States Code;
            (2) the term ``regulatory action'' means any substantive 
        action by an agency that promulgates or is expected to lead to 
        the promulgation of a final regulation, including notices of 
        inquiry, advance notices of proposed rulemaking, and notices of 
        proposed rulemaking;
            (3) the term ``significant regulatory action'' means any 
        regulatory action that is likely to result in a rule or 
        guidance that may--
                    (A) have an annual effect on the economy of 
                $100,000,000 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;
                    (B) create a serious inconsistency or otherwise 
                interfere with an action taken or planned by another 
                agency;
                    (C) materially alter the budgetary impact of 
                entitlements, grants, user fees, or loan programs or 
                the rights and obligations of recipients thereof; or
                    (D) raise novel legal or policy issues; and
            (4) the term ``small entities'' has the meaning given under 
        section 601(6) of title 5, United States Code.

SEC. 3. SIGNIFICANT REGULATORY ACTIONS.

    (a) In General.--No agency may take any significant regulatory 
action, until the Bureau of Labor Statistics average of monthly 
unemployment rates for any quarter beginning after the date of 
enactment of this Act is equal to or less than 7.7 percent.
    (b) Determination.--The Secretary of Labor shall submit a report to 
the Director of the Office of Management and Budget whenever the 
Secretary determines that the Bureau of Labor Statistics average of 
monthly unemployment rates for any quarter beginning after the date of 
enactment of this Act is equal to or less than 7.7 percent.

SEC. 4. WAIVERS.

    (a) National Security or National Emergency.--The President may 
waive the application of section 3 to any significant regulatory 
action, if the President--
            (1) determines that the waiver is necessary on the basis of 
        national security or a national emergency; and
            (2) submits notification to Congress of that waiver and the 
        reasons for that waiver.
    (b) Additional Waivers.--
            (1) Submission.--The President may submit a request to 
        Congress for a waiver of the application of section 3 to any 
        significant regulatory action.
            (2) Contents.--A submission under this subsection shall 
        include--
                    (A) an identification of the significant regulatory 
                action; and
                    (B) the reasons which necessitate a waiver for that 
                significant regulatory action.
            (3) Congressional action.--Congress shall give expeditious 
        consideration and take appropriate legislative action with 
        respect to any waiver request submitted under this subsection.

SEC. 5. JUDICIAL REVIEW.

    (a) Definition.--In this section, the term ``small business'' means 
any business, including an unincorporated business or a sole 
proprietorship, that employs not more than 500 employees or that has a 
net worth of less than $7,000,000 on the date a civil action arising 
under this Act is filed.
    (b) Review.--Any person that is adversely affected or aggrieved by 
any significant regulatory action in violation of this Act is entitled 
to judicial review in accordance with chapter 7 of title 5, United 
States Code.
    (c) Jurisdiction.--Each court having jurisdiction to review any 
significant regulatory action for compliance with any other provision 
of law shall have jurisdiction to review all claims under this Act.
    (d) Relief.--In granting any relief in any civil action under this 
section, the court shall order the agency to take corrective action 
consistent with this Act and chapter 7 of title 5, United States Code, 
including remanding the significant regulatory action to the agency and 
enjoining the application or enforcement of that significant regulatory 
action, unless the court finds by a preponderance of the evidence that 
application or enforcement is required to protect against an imminent 
and serious threat to the national security from persons or states 
engaged in hostile or military activities against the United States.
    (e) Reasonable Attorney Fees for Small Businesses.--The court shall 
award reasonable attorney fees and costs to a substantially prevailing 
small business in any civil action arising under this Act. A party 
qualifies as substantially prevailing even without obtaining a final 
judgment in its favor if the agency changes its position as a result of 
the civil action.
    (f) Limitation on Commencing Civil Action.--A person may seek and 
obtain judicial review during the 1-year period beginning on the date 
of the challenged agency action or within 90 days after an enforcement 
action or notice thereof, except that where another provision of law 
requires that a civil action be commenced before the expiration of that 
1-year period, such lesser period shall apply.

Summary: Regulation Moratorium and Jobs Preservation Act of 2011 - Prohibits any federal agency from taking any significant regulatory action until the Bureau of Labor Statistics (BLS) reports a monthly unemployment rate equal to or less than 7.7%.  

Defines as "significant" any regulatory action that is likely to: (1) have an annual effect on the economy of $100 million or more or adversely affect the economy, productivity, competition, jobs, the environment, public health or safety, small entities, or state, local, or tribal governments or communities; (2) create a serious inconsistency or otherwise interfere with another agency's action; (3) materially alter the budgetary impact of entitlements, grants, user fees, or loan programs or the rights and obligations of recipients thereof; or (4) raise novel legal or policy issues.

Authorizes the President to waive such prohibition if the President notifies Congress that a waiver is necessary on the basis of national security or a national emergency.  Allows judicial review of all claims under this Act.