SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Significant Regulation Oversight Act 
of 2001''.

SEC. 2. FINDING AND PURPOSE.

    (a) Finding.--The Congress finds that oversight of significant 
rules will be enhanced if they are subject to congressional review and 
approval after being proposed by an agency.
    (b) Purpose.--The purpose of this Act is to ensure that before a 
significant rule takes effect--
            (1) Congress is given an adequate opportunity to review the 
        rule and ensure that it is in accordance with the intent of 
        Congress in enacting the law under which the rule is proposed; 
        and
            (2) Congress approves the rule in accordance with the 
        procedures established by this Act.

SEC. 3. REVIEW OF SIGNIFICANT RULES BY CONGRESS.

    (a) Congressional Approval of Significant Rules Required.--A 
significant rule shall not take effect before the date of the enactment 
of a joint resolution described in section 4(a) comprised solely of the 
text of the significant rule.
    (b) Reporting and Review of Significant Rules.--(1) Before a 
proposed significant rule would take effect as a final rule, the agency 
proposing the rule shall submit to each House of Congress a report 
containing the following:
            (A) A copy of the proposed significant rule.
            (B) A concise summary of the proposed significant rule, its 
        purpose, and anticipated effects.
            (C) A complete copy of any cost-benefit analysis report 
        that has been prepared by the agency with respect to the 
        proposed significant rule.
            (D) An explanation of the specific statutory interpretation 
        under which a rule is proposed, including an explanation of--
                    (i) whether the interpretation is expressly 
                required by the text of the statute; or
                    (ii) if the interpretation is not expressly 
                required by the text of the statute, an explanation 
                that the interpretation is within the range of 
                permissible interpretations of the statute as 
                identified by the agency, and an explanation why the 
                interpretation selected by the agency is the agency's 
                preferred interpretation.
            (E) Any other relevant information or requirements under 
        any other Act and any relevant Executive order.
    (2) Upon receipt of a report under paragraph (1), each House of 
Congress shall provide a copy of the report to the Chairman and ranking 
minority party member of each committee with jurisdiction over the 
subject matter of the report.
    (c) No Inference To Be Drawn Where Congress Fails To Approve.--If 
Congress fails to enact a joint resolution approving a proposed 
significant rule, no court or agency may infer any intent of Congress 
from any action or inaction of Congress with regard to such rule or any 
related statute.

SEC. 4. CONGRESSIONAL APPROVAL PROCEDURE FOR SIGNIFICANT RULES.

    (a) Introduction.--The majority leader of each House of the 
Congress shall introduce (by request) a joint resolution comprised 
solely of the text of a proposed significant rule not later than 3 
session days in the Senate or 3 legislative days in the House of 
Representatives after the date on which an agency submits a report 
under section 3(b) containing the text of the proposed significant 
rule. If the joint resolution is not introduced in either House as 
provided in the preceding sentence, then any Member of that House may 
introduce the joint resolution.
    (b) Referral and Consideration.--(1) The joint resolution shall be 
referred to the appropriate committee of the House in which it is 
introduced. The committee may report the joint resolution without 
substantive revision and with or without recommendation or with an 
adverse recommendation, or the committee may vote not to report the 
joint resolution. If the committee votes to order the joint resolution 
reported, it shall be reported not later than the end of the period 
(not to exceed 45 session days in the Senate or 45 legislative days in 
the House of Representatives) established for consideration of the 
joint resolution by the Speaker of the House of Representatives or the 
majority leader of the Senate, as the case may be. Except in the case 
of a joint resolution which a committee votes not to report, a 
committee failing to report a joint resolution within such period shall 
be automatically discharged from consideration of the joint resolution, 
and it shall be placed on the appropriate calendar.
    (2) A vote on final passage of the joint resolution shall be taken 
in that House on or before the close of the 90th session day in the 
Senate or 90th legislative day in the House of Representatives after 
the date of the introduction of the joint resolution in that House.
    (3)(A) A motion in the House of Representatives to proceed to the 
consideration of a joint resolution under this section shall be highly 
privileged and not debatable. An amendment to the motion shall not be 
in order, nor shall it be in order to move to reconsider the vote by 
which the motion is agreed to or disagreed to.
    (B) Debate in the House of Representatives on a joint resolution 
under this section shall be limited to not more than 4 hours, which 
shall be divided equally between those favoring and those opposing the 
joint resolution. A motion further to limit debate shall not be 
debatable. It shall not be in order to move to recommit a joint 
resolution under this section or to move to reconsider the vote by 
which the joint resolution is agreed to or disagreed to.
    (C) All appeals from the decisions of the chair relating to the 
application of the Rules of the House of Representatives to the 
procedure relating to a joint resolution under this section shall be 
decided without debate.
    (D) Except to the extent specifically provided in the preceding 
provisions of this subsection, consideration of a joint resolution 
under this section shall be governed by the Rules of the House of 
Representatives applicable to other joint resolutions in similar 
circumstances.
    (4)(A) A motion in the Senate to proceed to the consideration of a 
joint resolution under this section shall be privileged and not 
debatable. An amendment to the motion shall not be in order, nor shall 
it be in order to move to reconsider the vote by which the motion is 
agreed to or disagreed to.
    (B) Debate in the Senate on a joint resolution under this section, 
and all debatable motions and appeals in connection therewith, shall be 
limited to not more than 10 hours. The time shall be equally divided 
between, and controlled by, the majority leader and the minority leader 
or their designees.
    (C) Debate in the Senate on any debatable motion or appeal in 
connection with a joint resolution under this section shall be limited 
to not more than 1 hour, to be equally divided between, and controlled 
by, the mover and the manager of the joint resolution, except that in 
the event the manager of the joint resolution is in favor of any such 
motion or appeal, the time in opposition thereto, shall be controlled 
by the minority leader or his designee. Such leaders, or either of 
them, may, from time under their control on the passage of a joint 
resolution, allot additional time to any Senator during the 
consideration of any debatable motion or appeal.
    (D) A motion in the Senate to further limit debate on a joint 
resolution under this section is not debatable. A motion to recommit a 
joint resolution under this section is not in order.
    (c) Amendments Prohibited.--No amendment to a joint resolution 
considered under this section shall be in order in either the House of 
Representatives or the Senate. No motion to suspend the application of 
this subsection shall be in order in either House, nor shall it be in 
order in either House for the presiding officer to entertain a request 
to suspend the application of this subsection by unanimous consent.
    (d) Treatment if the Other House Has Acted.--If, before the passage 
by one House of a joint resolution of that House described in 
subsection (a), that House receives from the other House a joint 
resolution described in subsection (a) comprised of the same text, 
then--
            (1) the procedure in that House shall be the same as if no 
        joint resolution had been received from the other House, and
            (2) the vote on final passage shall be on the joint 
        resolution of the other House.
    (e) Constitutional Authority.--This section is enacted by 
Congress--
            (1) as an exercise of the rulemaking power of the Senate 
        and the House of Representatives, respectively, and as such it 
        is deemed a part of the rules of each House, respectively, but 
        applicable only with respect to the procedure to be followed in 
        that House in the case of a joint resolution described in 
        subsection (a), and it supersedes other rules only to the 
        extent that it is inconsistent with such rules; and
            (2) with full recognition of the constitutional right of 
        either House to change the rules (so far as  relating to the 
procedure of that House) at any time, in the same manner, and to the 
same extent as in the case of any other rule of that House.

SEC. 5. EXISTING RULES.

    (a) In General.--Any existing rule may be revised or revoked in 
accordance with this section if a petition for review so requests.
    (b) Introduction.--If a petition for review is filed with the Clerk 
of the House of Representatives or the Secretary of the Senate, the 
Clerk or the Secretary shall determine whether the petition meets the 
requirements of subsection (d). If the Clerk or the Secretary 
determines that a petition meets those requirements, he or she shall 
notify the majority leader of that House. The majority leader so 
notified shall, within 3 session days in the Senate or 3 legislative 
days in the House of Representatives, introduce a joint resolution (by 
request) that makes the revision or revocation of existing rules 
proposed by the petition upon the enactment of that joint resolution. 
If the joint resolution is not introduced as provided in the preceding 
sentence, then any Member of that House may introduce the joint 
resolution.
    (c) Procedures for Consideration in the House of Representatives 
and the Senate.--Any joint resolution introduced under subsection (b) 
shall be considered in the House of Representatives and the Senate in 
accordance with the procedures respecting a joint resolution set forth 
in section 4.
    (d) Petitions for Review.--A petition for review under subsection 
(a) shall contain the following:
            (1) Any rule affected by the petition and the contents of 
        that rule as it would exist if a joint resolution revising or 
        revoking that rule pursuant to the petition were enacted.
            (2) For a petition in the Senate, the signatures of 30 
        Senators, or for a petition in the House of Representatives, 
        the signatures of 120 Members.

SEC. 6. DEFINITIONS.

    For purposes of this Act:
            (1) Agency.--The term ``agency'' has the meaning given that 
        term in section 551 of title 5, United States Code (relating to 
        administrative procedure).
            (2) Session day and legislative day.--The terms ``session 
        day'' and ``legislative day'' do not include, with respect to a 
        House of the Congress, any day throughout which that House is 
        not in session.
            (3) Rule.--(A) The term ``rule'' has the meaning given such 
        term by section 551 of title 5, United States Code, except that 
        such term does not include--
                    (i) any rule of particular applicability including 
                a rule that approves or prescribes--
                            (I) future rates, wages, prices, services, 
                        or allowances therefor,
                            (II) corporate or financial structures, 
                        reorganizations, mergers, or acquisitions 
                        thereof, or
                            (III) accounting practices or disclosures 
                        bearing on any of the foregoing, or
                    (ii) any rule of agency organization, personnel, 
                procedure, practice, or any routine matter.
            (B) The term ``final rule'' means any final rule or interim 
        final rule.
            (4) Significant rule.--The term ``significant rule'' means 
        any rule proposed by an agency that is specified or described 
        as such in the Act that authorizes the rule.

SEC. 7. EXEMPTION FOR MONETARY POLICY.

    Nothing in this Act applies to any rule concerning monetary policy 
proposed or implemented by the Board of Governors of the Federal 
Reserve System or the Federal Open Market Committee.
Output: Significant Regulation Oversight Act of 2001 - Prohibits a significant rule from taking effect before the enactment of a joint resolution described in this Act comprising solely of the text of such rule. Calls for congressional reporting and review of significant rules before they take effect as final rules.Provides that, if Congress fails to enact a joint resolution approving the proposed rule, no court or agency may infer any intent of Congress from any action or inaction with regard to such rule or any related statute.Sets forth: (1) the congressional approval procedure for significant rules; and (2) provisions with respect to revising or revoking an existing rule.Exempts from this Act rules concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.