SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Major Regulation Cost Review Act of 
2004''.

SEC. 2. REQUIREMENT FOR PERIODIC REVIEW OF ALL MAJOR RULES.

    (a) Requirement.--Chapter 6 of title 5, United States Code, is 
amended by inserting after section 610 the following new section:
``Sec. 610a. Periodic review of major rules
    ``(a)  Requirement for Review of Major Rules.--Not later than 180 
days after the date of the enactment of the Major Regulation Cost 
Review Act of 2004, each agency shall publish in the Federal Register a 
plan for the periodic review of all the major rules issued by the 
agency. Such plan may be amended by the agency at any time by 
publishing the revision in the Federal Register.
    ``(b) Purpose of Review.--The purpose of the review shall be to 
determine whether such rules should be continued without change, or 
should be amended or rescinded, consistent with the stated objectives 
of applicable statutes.
    ``(c) Review Within Five Years.--The plan shall provide for the 
review of all such agency rules existing on the effective date of the 
Major Regulation Cost Review Act of 2004 within five years after that 
date and for the review of such rules adopted after such effective date 
within five years after the publication of such rules as the final 
rule. If the head of the agency determines that completion of the 
review of existing rules is not feasible by the established date, the 
head of the agency shall so certify in a statement published in the 
Federal Register and may extend the completion date by one year at a 
time for a total of not more than five years.
    ``(d) Factors to Consider.--In reviewing major rules in a manner 
consistent with the stated objectives of applicable statutes, the 
agency shall consider the following factors:
            ``(1) The continued need for the rule.
            ``(2) The nature of complaints or comments received 
        concerning the rule from the public.
            ``(3) The complexity of the rule.
            ``(4) The extent to which the rule overlaps, duplicates, or 
        conflicts with other Federal rules, and, to the extent 
        feasible, with State and local governmental rules.
            ``(5) The length of time since the rule has been evaluated 
        or the degree to which technology, economic conditions, or 
        other factors have changed in the area affected by the rule.
    ``(e) Cost-Benefit Analysis.--The review shall include a cost-
benefit analysis of the rule, using the standard cost-benefit 
methodology included in Office of Management and Budget Circular A-4 
(relating to regulatory analysis and issued September 17, 2003). The 
cost-benefit analysis shall include an identification and consideration 
of a range of less costly regulatory alternatives.
    ``(f) Publication of List of Rules to Be Reviewed.--Each year, each 
agency shall publish in the Federal Register a list of the major rules 
which are to be reviewed pursuant to this section during the succeeding 
12 months and which are to be included in the accounting statement and 
associated report submitted to Congress by the Director of the Office 
of Management and Budget under paragraph (4) of section 624(a) of the 
Treasury and General Government Appropriations Act, 2001 (as added by 
section 3 of the Major Regulation Cost Review Act of 2004). The list 
shall include a brief description of each such major rule and the need 
for and legal basis of such rule, and shall invite public comment upon 
the rule.
    ``(g) Major Rule Defined.--In this section, the term `major rule' 
has the meaning provided by section 804 of this title.''.
    (b) Clerical Amendment.--The table of sections for chapter 6 of 
title 5, United States Code, is amended by inserting after the item 
relating to section 610 the following new item:

``610a. Periodic review of major rules.''.

SEC. 3. REQUIREMENTS FOR OMB RELATING TO ANNUAL ACCOUNTING STATEMENT.

    (a) Requirement to Include List of Rules to Be Reviewed in Annual 
Accounting Statement.--Section 624(a) of the Treasury and General 
Government Appropriations Act, 2001 (as enacted into law by Public Law 
106-554; 114 Stat. 2763A-161), is amended--
            (1) by striking ``and'' at the end of paragraph (2);
            (2) by striking the period at the end of paragraph (3) and 
        inserting ``; and''; and
            (3) by adding at the end the following new paragraph:
            ``(4) a list of the major rules which are to be reviewed by 
        each agency, during the year following the year in which the 
        statement and report are submitted, pursuant to section 610a of 
        title 5, United States Code.''.
    (b) Requirement to Use Agency Cost-Benefit Estimates in Annual 
Accounting Statement.--Section 624 of the Treasury and General 
Government Appropriations Act, 2001 (as enacted into law by Public Law 
106-554; 114 Stat. 2763A-161), is amended--
            (1) by redesignating subsections (b), (c), and (d) as 
        subsections (c), (d), and (e), respectively; and
            (2) by inserting after subsection (a) the following new 
        subsection:
    ``(b) Use of Agency Cost-Benefit Analyses Required.--To carry out 
subsection (a), the Director of the Office of Manage
Output: Major Regulation Cost Review Act of 2004 - Amends Federal civil service law to require each Federal agency to publish in the Federal Register a plan, which may be amended at any time by publishing a revision, for the periodic review of all the major rules issued by the agency. Requires that the plan provide for review within five years after publication as a final rule, with a five year extension permitted.

Directs the agency, in reviewing major rules, to consider: (1) the continued need for the rule; (2) the nature of complaints or comments received from the public concerning the rule; (3) the complexity of the rule; (4) the extent to which the rule overlaps, duplicates, or conflicts with other Federal rules, and with State and local governmental rules; and (5) the length of time since the rule has been evaluated or the degree to which technology, economic conditions, or other factors have changed in the area affected by the rule.

Requires that: (1) the review include a cost-benefit analysis of the rule, including an identification and consideration of a range of less costly regulatory alternatives; and (2) each year each agency publish a list of the major rules which are to be reviewed and which are to be included in the accounting statement and associated report submitted to Congress by the Director of the Office of Management and Budget.

Makes conforming changes to the Treasury and General Government Appropriations Act, 2001.