Regulatory Accountability and Economic Freedom Act of 2012

Bill: 112-hr-4116
Sponsor: Rep. Latham, Tom [R-IA-4]
Introduced: 2012-03-01 in the House
Policy area: Government Operations and Politics
Subjects: Administrative law and regulatory procedures
Advisory bodies
Business investment and capital
Competitiveness, trade promotion, trade deficits
Congressional oversight
Economic performance and conditions
Industrial policy and productivity
Inflation and prices
Legislative rules and procedure
Unemployment

Summary:
action_date: 2012-03-01
text: 
Regulatory Accountability and Economic Freedom Act of 2012 - Revises criteria for the federal agency rule making process. Requires federal agencies proposing a rule to make all preliminary and final factual determinations based on evidence and to consider: (1) the legal authority under which a rule may be proposed, (2) the specific nature and significance of the problem the agency may address with a rule, (3) any reasonable alternatives for a new rule, and (4) the potential costs and benefits associated with potential alternative rules.
 
 Requires agencies to publish in the Federal Register advance notice of proposed rule making for major rules, high-impact rules, and rules involving novel legal or policy issues. Defines "major rule" as any rule that is likely to impose: (1) an annual effect on the economy of $100 million or more, adjusted annually for inflation; (2) a major increase in costs or prices; (3) significant adverse effects on competition, employment, investment, productivity, innovation, or U.S. competitiveness; or (4) significant impacts on multiple sectors of the economy. Defines &quot;high-impact rule&quot; as any rule that is likely to impose an annual cost on the economy of $1 billion or more, adjusted annually for inflation. 
 
Rewrites provisions for congressional review of agency rule making to require congressional approval of major rules before they may take effect (currently, major rules take effect unless Congress passes and the President signs a joint resolution disapproving them). 
 
Sets forth House and Senate procedures for enacting joint resolutions approving major rules and disapproving non-major rules.
 
Establishes the United States Red Tape Reduction Commission to advise federal agencies on the modification, consolidation, or elimination of federal regulatory requirements to reduce direct or indirect burdens on U.S. businesses.


Legislative actions:
action_date: 2012-03-06
text: Referred to the Subcommittee on Courts, Commercial and Administrative Law.
action_date: 2012-03-01
text: Referred to the Committee on the Judiciary, and in addition to the Committees on Rules, the Budget, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2012-03-01
text: Referred to the Committee on the Judiciary, and in addition to the Committees on Rules, the Budget, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2012-03-01
text: Referred to the Committee on the Judiciary, and in addition to the Committees on Rules, the Budget, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2012-03-01
text: Referred to the Committee on the Judiciary, and in addition to the Committees on Rules, the Budget, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2012-03-01
text: Introduced in House
action_date: 2012-03-01
text: Introduced in House