Article I Regulatory Budget Act
Bill: H.R.2577 | Sponsor: Rep. Good, Bob (R-VA)
Policy area: Government Operations and Politics

Summary:
Article I Regulatory Budget Act
This bill requires the establishment of a federal regulatory budget to limit the costs of federal regulations. It also establishes requirements for disclosing the projected costs of federal regulations and procedures for enforcing the regulatory budget.

To amend the Congressional Budget Act of 1974 to establish a Federal 
 regulatory budget and to impose cost controls on that budget, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Article I Regulatory Budget Act''.

SEC. 2. PRESIDENT'S ANNUAL BUDGET SUBMISSIONS.

    Section 1105(a) of title 31, United States Code, is amended by 
adding at the end the following:
            ``(40)(A) for the first fiscal year that begins at least 
        120 days after the date of enactment of this paragraph, and 
        every fiscal year thereafter until the fifth fiscal year that 
        begins after the date of enactment of this paragraph, a 
        projection of the Federal regulatory cost of any proposed 
        Federal regulation, rule, or statement (as such terms are 
        defined in section 321 of the Congressional Budget Act of 1974) 
        for the fiscal year and at least each of the 4 ensuing fiscal 
        years, which shall include--
                    ``(i) the projection of the Federal regulatory cost 
                by agency and program; and
                    ``(ii) any changes in a Federal regulation, rule, 
                or statement in the Unified Agenda of Federal 
                Regulatory and Deregulatory Actions, compiled by the 
                Regulatory Information Service Center of the General 
                Services Administration; and
            ``(B) for the fifth fiscal year that begins after the date 
        of enactment of this paragraph, and every fiscal year 
        thereafter, a regulatory authority budget analysis of the 
        Federal regulatory cost of complying with all current and 
        proposed Federal regulations, rules, and statements and 
        proposals (as such terms are defined in section 321 of the 
        Congressional Budget Act of 1974) for complying with section 
        322 of the Congressional Budget Act of 1974 for the fiscal year 
        for which the budget is submitted and the 4 fiscal years after 
        that year, which shall include a regulatory authority budget 
        analysis of the Federal regulatory cost by agency and 
        program.''.

SEC. 3. ESTIMATION AND DISCLOSURE OF COSTS OF FEDERAL REGULATION.

    (a) Costs to Private Sector of New Federal Regulations.--Chapter 6 
of title 5, United States Code, popularly known as the ``Regulatory 
Flexibility Act'', is amended--
            (1) in section 603--
                    (A) in subsection (a), in the second sentence, by 
                inserting before the period the following: ``and shall 
                discuss in detail whether the cost to businesses of 
                complying with the proposed rule will vary depending on 
                the size of the business and, if so, to what extent the 
                cost will vary and what factors contribute to the 
                variation'';
                    (B) in subsection (c)--
                            (i) by redesignating paragraphs (1), (2), 
                        (3), and (4) as subparagraphs (A), (B), (C), 
                        and (D), respectively, and adjusting the margin 
                        accordingly;
                            (ii) by inserting ``(1)'' after ``(c)''; 
                        and
                            (iii) by striking ``Consistent with the'' 
                        and inserting the following:
    ``(2) The analysis of significant alternatives to the proposed rule 
shall include a detailed analysis of the costs and benefits of the 
proposed rule and each alternative, which shall separately address the 
costs and benefits for each industry.
    ``(3) Consistent with the''; and
                    (C) by adding at the end the following:
    ``(e) Each initial regulatory flexibility analysis shall also 
contain a description of the nature and amount of monetary costs that 
will be incurred by small entities, other businesses, and individuals 
in complying with the proposed rule.'';
            (2) in section 604(a)--
                    (A) in the first paragraph designated as paragraph 
                (6) (relating to minimization of significant economic 
                impacts), by striking ``and'' at the end;
                    (B) by redesignating the second paragraph (6) 
                (relating to covered agencies), as paragraph (8); and
                    (C) by inserting after paragraph (6) the following:
            ``(7) a statement of the nature and amount of monetary 
        costs that will be incurred by small entities, other 
        businesses, and individuals in complying with the rule; and''; 
        and
            (3) in section 607, by inserting before the period the 
        following: ``, except that estimates of monetary costs under 
        sections 603(d) and 604(a)(7) shall only be in the form of a 
        numerical description''.
    (b) Agency Reports.--Each agency that prepares an initial 
regulatory flexibility analysis under chapter 6 of title 5, United 
States Code, shall, at the same time submit to each House of Congress, 
the Congressional Budget Office, and the Office of Management and 
Budget a cost estimate and cost benefit analysis of any new proposed 
regulations, rules, or statements that would have a Federal regulatory 
cost (as defined in section 321 of the Congressional Budget Act of 
1974, as added by this Act) of at least $100,000,000 for any fiscal 
year.

SEC. 4. GUIDANCE DOCUMENTS.

    (a) Definitions.--In this section--
            (1) the terms ``agency'' and ``rule'' have the meanings 
        given such terms in section 551 of title 5, United States Code;
            (2) the term ``guidance document'' means an agency 
        statement of general applicability and future effect, other 
        than a rule, that sets forth a policy on a statutory, 
        regulatory, or technical issue or an interpretation of a 
        statutory or regulatory issue; and
            (3) the term ``significant guidance document''--
                    (A) means a guidance document that the Office of 
                Management and Budget determines will be disseminated 
                to regulated entities or the general public and may 
                reasonably be anticipated to--
                            (i) lead to an annual effect of not less 
                        than $100,000,000 on, or adversely affect in a 
                        material way, the economy, a sector of the 
                        economy, productivity, competition, jobs, the 
                        environment, public health or safety, or State, 
                        local, or tribal governments or communities;
                            (ii) create a serious inconsistency or 
                        otherwise interfere with an action taken or 
                        planned by an agency other than the agency 
                        issuing the guidance document;
                            (iii) materially alter the budgetary impact 
                        of entitlements, grants, user fees, or loan 
                        programs or the rights or obligations of 
                        recipients thereof; or
                            (iv) raise novel legal or policy issues 
                        arising out of legal mandates, the priorities 
                        of the President, or the principles set forth 
                        in Executive Order 12866 (5 U.S.C. 601 note; 
                        relating to regulatory planning and review); 
                        and
                    (B) does not include a guidance document that the 
                Office of Management and Budget determines--
                            (i) relates to regulations issued in 
                        accordance with the formal rulemaking 
                        provisions of sections 556 and 557 of title 5, 
                        United States Code;
                            (ii) pertains to a military or foreign 
                        affairs function of the United States, other 
                        than procurement regulations and regulations 
                        involving the import or export of nondefense 
                        articles and services;
                            (iii) relates to regulations that are 
                        limited to agency organization, management, or 
                        personnel matters; or
                            (iv) is within a category of guidance 
                        documents exempted by the Administrator of the 
                        Office of Information and Regulatory Affairs.
    (b) Limitation on Guidance Documents.--An agency may not issue a 
significant guidance document unless the agency issues the significant 
guidance document after notice and an opportunity for comment in 
accordance with the requirements for the promulgation of a rule under 
chapter 5 of title 5, United States Code.
    (c) Private Right of Action.--Any person aggrieved of an action 
taken or failed to be taken under a guidance document that was not 
issued in accordance with subsection (b) may bring a civil action in an 
appropriate district court of the United States alleging that the 
guidance document should have been treated as a significant guidance 
document.

SEC. 5. AMENDMENTS TO THE CONGRESSIONAL BUDGET ACT OF 1974.

    (a) Federal Regulatory Budget Cost Control System.--Title III of 
the Congressional Budget Act of 1974 is amended--
            (1) by inserting before section 300 the following:

                    ``PART A--GENERAL PROVISIONS'';

        and
            (2) by adding at the end the following:

            ``PART B--FEDERAL REGULATORY BUDGET COST CONTROL

``SEC. 321. DEFINITIONS.

    ``In this part--
            ``(1) the term `CBO' means the Congressional Budget Office;
            ``(2) the term `direct cost of Federal regulation' means 
        all costs incurred by, and expenditures required of, the 
        Federal Government in issuing and enforcing Federal 
        regulations, rules, and statements and Federal statutes;
            ``(3) the term `Federal regulation, rule, or statement'--
                    ``(A) includes any guidance document issued after 
                notice and an opportunity for comment in accordance 
                with the requirements for the promulgation of a rule 
                under chapter 5 of title 5, United States Code; and
                    ``(B) does not include--
                            ``(i) a Federal regulation, rule, or 
                        statement applying to--
                                    ``(I) the military; or
                                    ``(II) agency organization, 
                                management, or personnel; or
                            ``(ii) a Federal regulation, rule, or 
                        statement designated by the President as 
                        being--
                                    ``(I) necessary because of an 
                                imminent threat to health or safety or 
                                other emergency;
                                    ``(II) necessary for the 
                                enforcement of criminal laws; or
                                    ``(III) necessary for national 
                                security;
            ``(4) the term `Federal regulatory cost'--
                    ``(A) means all costs incurred by, and expenditures 
                required of, the private sector, States, or local 
                governments in complying with any Federal regulation, 
                rule, or statement or any Federal statute; and
                    ``(B) does not include the value of any benefit 
                under the Federal regulation, rule, or statement or the 
                Federal statute;
            ``(5) the term `gross domestic product' means the gross 
        domestic product of the United States during a fiscal year, 
        consistent with Department of Commerce definitions;
            ``(6) the term `OMB' means the Office of Management and 
        Budget; and
            ``(7) the term `regulatory baseline' means the projection 
        described in section 326(a) of the Federal regulatory cost for 
        the fiscal year after the date of the projection and the 
        outyears.

``SEC. 322. ESTABLISHMENT OF LEVEL AND ALLOCATIONS.

    ``(a) Establishment of Level.--
            ``(1) In general.--In addition to the requirements under 
        section 301, a concurrent resolution on the budget for a fiscal 
        year shall set forth the appropriate level for the Federal 
        regulatory cost for the fiscal year and for at least each of 
        the 4 ensuing fiscal years.
            ``(2) Transition period.--
                    ``(A) In general.--For the first fiscal year that 
                begins at least 120 days after the date of enactment of 
                this section, and each fiscal year thereafter until the 
                fiscal year described in section 326(a), the Committee 
                on the Budget of the Senate and the Committee on the 
                Budget of the House of Representatives shall include in 
                the concurrent resolution on the budget for the fiscal 
                year as the appropriate level for the Federal 
                regulatory cost for the fiscal year and any other 
                fiscal year covered by the resolution the proposed 
                levels submitted by the President under section 
                1105(a)(40) of title 31, United States Code.
                    ``(B) Amendments.--
                            ``(i) In general.--In the Senate and the 
                        House of Representatives, it shall not be in 
                        order to consider an amendment to a concurrent 
                        resolution on the budget that, if agreed to, 
                        would result in a net increase in a level 
                        included pursuant to subparagraph (A).
                            ``(ii) Waiver and appeal.--A point of order 
                        under clause (i) may only be waived by the 
                        affirmative vote of three-fifths of the 
                        Members, duly chosen and sworn. An affirmative 
                        vote of three-fifths of Members, duly chosen 
                        and sworn, shall be required to sustain an 
                        appeal of the ruling of the Chair on a point of 
                        order raised under clause (i).
            ``(3) Default total.--If there is not a level for the 
        Federal regulatory cost that is in effect for a fiscal year 
        under a concurrent resolution on the budget--
                    ``(A) for the first fiscal year that begins at 
                least 120 days after the date of enactment of this 
                section, and every fiscal year thereafter until the 
                fiscal year described in subparagraph (B), the 
                appropriate level for the Federal regulatory cost for 
                the fiscal year shall be the proposed level submitted 
                by the President under section 1105(a)(40) of title 31, 
                United States Code;
                    ``(B) for the fifth fiscal year that begins after 
                the date of enactment of this section, the appropriate 
                level for the Federal regulatory cost for the fiscal 
                year shall be the amount of the first regulatory 
                baseline submitted under section 326; and
                    ``(C) for each fiscal year after the fiscal year 
                described in subparagraph (B), the appropriate level 
                for the Federal regulatory cost for the fiscal year 
                shall be the level for the most recent fiscal year for 
                which such a level was in effect (under subparagraph 
                (B), this subparagraph, or a concurrent resolution on 
                the budget).
    ``(b) Allocation of Totals.--
            ``(1) In general.--For the first fiscal year that begins at 
        least 120 days after the date of enactment of this section, and 
        each fiscal year thereafter, the joint explanatory statement 
        accompanying the conference report on a concurrent resolution 
        on the budget for such fiscal year shall include allocations of 
        the Federal regulatory cost in effect under subsection (a) for 
        such fiscal year and at least each of the 4 ensuing fiscal 
        years--
                    ``(A) among each committee of the Senate and each 
                committee of the House of Representatives;
                    ``(B) by major functional category; and
                    ``(C) by agency.
            ``(2) Suballocations.--As soon as practicable after 
        receiving an allocation under paragraph (1), each committee 
        shall--
                    ``(A) suballocate its allocation--
                            ``(i) among its subcommittees;
                            ``(ii) among programs over which the 
                        committee has jurisdiction; and
                            ``(iii) by agency; and
                    ``(B) submit for printing in the Congressional 
                Record a statement detailing each suballocation made by 
                the committee under subparagraph (A).
    ``(c) Point of Order.--
            ``(1) In general.--If a concurrent resolution on the budget 
        setting forth the appropriate level for the Federal regulatory 
        cost for a fiscal year has been agreed to, it shall not be in 
        order in the Senate or the House of Representatives to consider 
        any bill or resolution, or amendment thereto, which would cause 
        an allocation or suballocation of the Federal regulatory cost 
        made under subsection (b) for that fiscal year to be exceeded.
            ``(2) Waiver and appeal.--A point of order under paragraph 
        (1) may only be waived by the affirmative vote of three-fifths 
        of the Members, duly chosen and sworn. An affirmative vote of 
        three-fifths of Members, duly chosen and sworn, shall be 
        required to sustain an appeal of the ruling of the Chair on a 
        point of order raised under paragraph (1).
    ``(d) Determinations by Budget Committees.--For purposes of this 
section, the amount of the Federal regulatory cost for a fiscal year 
and the amount of the Federal regulatory cost of a bill or resolution, 
or amendment thereto, shall be determined by the Committee on the 
Budget of the Senate or the Committee on the Budget of the House of 
Representatives, as the case may be.

``SEC. 323. ANALYSIS OF FEDERAL REGULATORY COST BY CONGRESSIONAL BUDGET 
              OFFICE.

    ``(a) In General.--CBO shall prepare for each bill or resolution of 
a public character reported by any committee of the Senate or the House 
of Representatives (except the Committee on Appropriations of each 
House), and submit to such committee--
            ``(1) an estimate of the costs which would be incurred by 
        the private sector in carrying out or complying with such bill 
        or resolution in the fiscal year in which it is to become 
        effective and in each of the 4 fiscal years following such 
        fiscal year, which shall include--
                    ``(A) a net present value estimate of the cost of 
                compliance by the private sector with such bill or 
                resolution; and
                    ``(B) a discussion of the methodology used to 
                prepare, and the basis for, each such estimate; and
            ``(2) a comparison of the estimate of costs described in 
        paragraph (1) with any available estimates of costs made by 
        such committee or by any agency.
    ``(b) Look-Back Reviews.--CBO shall periodically submit to Congress 
a report, prepared in consultation with the Chairman of the 
Administrative Conference of the United States, that--
            ``(1) reviews a sample of laws of a public character for 
        which an estimate was prepared under subsection (a)(1); and
            ``(2) compares the estimates of the costs described in 
        paragraphs (1) and (2) of subsection (a) and the actual costs 
        incurred by the private sector in carrying out or complying 
        with the law in the fiscal year in which it took effect and in 
        each of the 4 fiscal years following such fiscal year.

``SEC. 324. ENFORCEMENT.

    ``(a) Enforcement Language Required in Appropriation Acts.--If a 
concurrent resolution on the budget that includes levels and 
allocations of the Federal regulatory cost for a fiscal year has been 
agreed to, it shall not be in order in the Senate or the House of 
Representatives to consider a bill, joint resolution, amendment between 
the Houses, or conference report making appropriations for the fiscal 
year that does not include a provision prohibiting amounts made 
available under the measure from being obligated or expended to enforce 
a Federal regulation, rule, or statement that would cause a breach of 
any level or allocation of the Federal regulatory cost in effect for a 
fiscal year.
    ``(b) Waiver and Appeal.--Subsection (a) may be waived or suspended 
in the Senate only by an affirmative vote of two-thirds of the Members, 
duly chosen and sworn. An affirmative vote of two-thirds of the Members 
of the Senate, duly chosen and sworn, shall be required to sustain an 
appeal of the ruling of the Chair on a point of order raised under 
subsection (a).
    ``(c) Review of Cost.--
            ``(1) Determinations of cost.--
                    ``(A) BEA determination.--The Bureau of Economic 
                Analysis of the Department of Commerce shall determine 
                the change in the Federal regulatory cost attributable 
                to each newly promulgated, or amendment to a, Federal 
                regulation, rule, or statement.
                    ``(B) Guidance for agencies.--The Bureau of 
                Economic Analysis of the Department of Commerce shall 
                issue guidance to agencies regarding the methodology to 
                be used to determine the amount of, and any change in, 
                the Federal regulatory cost attributable to each newly 
                promulgated, or amendment to a, Federal regulation, 
                rule, or statement.
                    ``(C) Mandatory use by agencies.--For purposes of 
                any analysis conducted by an agency (without regard to 
                whether the analysis is conducted for purposes of this 
                Act), each agency shall determine the amount of, and 
                any change in, the Federal regulatory cost attributable 
                to each newly promulgated, or amendment to a, Federal 
                regulation, rule, or statement in accordance with the 
                guidance issued under subparagraph (B).
            ``(2) OMB determination.--The OMB shall determine whether 
        the change in the Federal regulatory cost determined under 
        paragraph (1) would cause a breach of any level or allocation 
        of the Federal regulatory cost in effect for a fiscal year, 
        which shall incorporate any reduction to the level or 
        allocation of the Federal regulatory cost attributable to a 
        revision of a Federal regulation, rule, or statement during the 
        fiscal year.
            ``(3) CBO review.--The CBO shall--
                    ``(A) review the methodology used by the Bureau of 
                Economic Analysis and the OMB for each determination 
                under paragraphs (1) and (2); and
                    ``(B) issue an opinion on whether the change in the 
                Federal regulatory cost attributable to the applicable 
                newly promulgated, or amendment to a, Federal 
                regulation, rule, or statement would cause a breach of 
                any level or allocation of the Federal regulatory cost 
                in effect for a fiscal year.
    ``(d) Implementation.--The OMB shall issue a directive prohibiting 
funds from being obligated or expended to enforce a newly promulgated, 
or amendment to a, Federal regulation, rule, or statement during a 
fiscal year if--
            ``(1) the OMB determines that change in the Federal 
        regulatory cost attributable to the newly promulgated, or 
        amendment to a, Federal regulation, rule, or statement, as 
        determined by the Bureau of Economic Analysis under subsection 
        (c)(1), would cause a breach of any level or allocation of the 
        Federal regulatory cost in effect for the fiscal year; and
            ``(2) the appropriation Act making the applicable 
        appropriations for the fiscal year contains a provision 
        described in subsection (a).
    ``(e) Offsetting Savings.--In making determinations under this 
section with respect to a newly promulgated, or amendment to a, Federal 
regulation, rule, or statement, the Bureau of Economic Analysis, the 
CBO, and the OMB shall subtract from the amount of the Federal 
regulatory cost, and any applicable allocation thereof, any reduction 
to the Federal regulatory cost that is attributable to a revision of 
another Federal regulation, rule, or statement made as part of the same 
rulemaking.
    ``(f) Private Right of Action.--Any person aggrieved of an action 
taken or failed to be taken under a Federal regulation, rule, or 
statement for which the OMB has issued a directive prohibiting 
enforcement under subsection (d) may bring a civil action in an 
appropriate district court of the United States alleging that the 
Federal regulation, rule, or statement should not have been enforced.

``SEC. 325. OMB-CBO REPORTS.

    ``Not later than 5 years after the date of enactment of this 
section, and not later than September 15th of each odd-numbered year 
thereafter, OMB and CBO shall jointly submit to the President, the 
Senate, and the House of Representatives a report that includes--
            ``(1) a projection of the direct cost of Federal regulation 
        and the Federal regulatory cost for the first fiscal year 
        beginning after the date of the report and at least each of the 
        4 ensuing fiscal years;
            ``(2) a calculation of the estimated direct cost of Federal 
        regulation and Federal regulatory cost as a percentage of the 
        gross domestic product;
            ``(3) the reduction in estimated gross domestic product 
        attributable to private sector compliance with all Federal 
        regulations, rules, or statements and all Federal statutes;
            ``(4) a detailed description of the effect on the economy 
        of the United States of Federal regulations, rules, and 
        statements and Federal statutes, which shall be categorized as 
        relating to--
                    ``(A) regulation of the economy;
                    ``(B) security, including homeland security;
                    ``(C) the environment;
                    ``(D) health and safety; or
                    ``(E) the Federal budget;
            ``(5) a discussion of the expected reduction in personnel, 
        administrative overhead, and programmatic costs that would be 
        achieved by Federal agencies that issue regulations, rules, or 
        statements with a Federal regulatory cost if the Federal 
        agencies reduced the Federal regulatory cost by 5 percent;
            ``(6) recommendations for budgeting, technical, and 
        estimating changes to improve the Federal regulatory budgeting 
        process;
            ``(7) the Federal regulatory cost imposed by each Executive 
        branch agency on regulated entities;
            ``(8) the direct cost of Federal regulation attributable to 
        each Executive branch agency;
            ``(9) the Federal regulatory costs imposed by each 
        Executive branch agency on small businesses, small 
        organizations, and small governmental jurisdictions (as those 
        terms are defined in section 601 of title 5, United States 
        Code); and
            ``(10) the sum of the costs described in paragraph (9).

``SEC. 326. REGULATORY BASELINE.

    ``(a) In General.--For the fifth fiscal year that begins after the 
date of enactment of this section and for every second fiscal year 
thereafter, CBO, in consultation with OMB, shall submit to the 
President, the Senate, and the House of Representatives a regulatory 
baseline, consisting of a projection of the Federal regulatory cost for 
the fiscal year and at least each of the 4 ensuing fiscal years. In 
preparing the projection of the regulatory baseline under this 
subsection, for the second fiscal year covered under the projection and 
each fiscal year thereafter, CBO shall adjust the baseline for the 
estimated growth during that fiscal year in the gross domestic product.
    ``(b) Deadline.--The CBO shall submit a regulatory baseline 
required under subsection (a) for a fiscal year not later than the date 
on which the CBO submits the report required under section 202(e)(1) 
with respect to that fiscal year.
    ``(c) Regular Updates on Development of Regulatory Baseline.--Not 
later than the date on which the CBO submits the report required under 
section 202(e)(1) with respect to each fiscal year during the period 
beginning on the date of enactment of this section and ending on the 
date on which the CBO submits the first projection of the Federal 
regulatory cost under subsection (a), the CBO shall submit to the 
Committee on the Budget of the Senate and the Committee on the Budget 
of the House of Representatives an annual update on the progress of the 
CBO in developing the regulatory baseline.''.
    (b) Technical and Conforming Amendment.--The table of contents set 
forth in section 1(b) of the Congressional Budget and Impoundment 
Control Act of 1974 is amended--
            (1) by inserting before the item relating to section 300 
        the following:

                    ``Part A. General Provisions'';

        and
            (2) by inserting after the item relating to section 315 the 
        following:

            ``Part B. Federal Regulatory Budget Cost Control

``Sec. 321. Definitions.
``Sec. 322. Establishment of level and allocations.
``Sec. 323. Analysis of Federal regulatory cost by Congressional Budget 
                            Office.
``Sec. 324. Enforcement.
``Sec. 325. OMB-CBO reports.
``Sec. 326. Regulatory baseline.''.

SEC. 6. STUDY OF NONMAJOR RULES.

    (a) Definitions.--In this section--
            (1) the term ``agency'' has the meaning given that term in 
        section 551 of title 5, United States Code;
            (2) the term ``covered guidance document'' means any 
        guidance document that has resulted or is likely to result in 
        an annual effect on the economy of not less than $10,000,000;
            (3) the term ``covered nonmajor rule'' means any rule that 
        has resulted in or is likely to result in an annual effect on 
        the economy of not less than $10,000,000 and not more than 
        $100,000,000;
            (4) the term ``guidance document'' means an agency 
        statement of general applicability and future effect, other 
        than a rule, that sets forth a policy on a statutory, 
        regulatory, or technical issue or an interpretation of a 
        statutory or regulatory issue;
            (5) the term ``Federal regulatory cost'' has the meaning 
        given that term under section 321 of the Congressional Budget 
        Act of 1974, as added by this Act; and
            (6) the term ``rule'' has the meaning given that term in 
        section 804 of title 5, United States Code.
    (b) Reports.--Not later than 120 days after the date of enactment 
of this Act and every 2 years thereafter, the Comptroller General of 
the United States shall submit to Congress a report regarding covered 
nonmajor rules and covered guidance documents, which shall include, for 
the 4-year period immediately preceding the report--
            (1) the number of covered nonmajor rules promulgated;
            (2) the number of covered nonmajor rules implemented;
            (3) the number of covered guidance documents developed;
            (4) the number of covered guidance documents issued;
            (5) the Federal regulatory cost of each covered nonmajor 
        rule implemented;
            (6) the Federal regulatory cost of each covered guidance 
        document issued;
            (7) the aggregate Federal regulatory cost of all covered 
        nonmajor rules implemented;
            (8) the aggregate Federal regulatory cost of all covered 
        guidance documents issued; and
            (9) a discussion of any covered nonmajor rule for which an 
        initial regulatory flexibility analysis was prepared under 
        section 603 of title 5, United States Code, a final regulatory 
        flexibility analysis was prepared under section 604 of title 5, 
        United States Code, or a cost benefit analysis was prepared 
        that underestimated the actual Federal regulatory cost of 
        implementing the covered nonmajor rule.
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