SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Truth in Regulating Act of 2000''.

SEC. 2. PURPOSES.

    The purposes of this Act are to--
            (1) increase the transparency of important regulatory 
        decisions;
            (2) promote effective congressional oversight to ensure 
        that agency rules fulfill statutory requirements in an 
        efficient, effective, and fair manner; and
            (3) increase the accountability of Congress and the 
        agencies to the people they serve.

SEC. 3. DEFINITIONS.

    In this Act, the term--
            (1) ``agency'' has the meaning given such term under 
        section 3502(1) of title 44, United States Code, except that 
        such term shall not include an independent regulatory agency, 
        as that term is defined in section 3502(5) of such title;
            (2) ``economically significant rule'' means any proposed or 
        final rule, including an interim or direct final rule, that may 
        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, or State, local, or tribal governments 
        or communities, or for which an agency has prepared an initial 
        or final regulatory flexibility analysis pursuant to section 
        603 or 604 of title 5, United States Code; and
            (3) ``independent evaluation'' means a substantive 
        evaluation of the agency's data, methodology, and assumptions 
        used in developing the economically significant rule, 
        including--
                    (A) an explanation of how any strengths or 
                weaknesses in those data, methodology, and assumptions 
                support or detract from conclusions reached by the 
                agency; and
                    (B) the implications, if any, of those strengths or 
                weaknesses for the rulemaking.

SEC. 4. PILOT PROJECT FOR REPORT ON RULES.

    (a) In General.--
            (1) Request for review.--When an agency publishes an 
        economically significant rule, a chairman or ranking member of 
        a committee of jurisdiction of either House of Congress may 
        request the Comptroller General of the United States to review 
        the rule.
            (2) Report.--The Comptroller General shall submit a report 
        on each economically significant rule selected under paragraph 
        (4) to the committees of jurisdiction in each House of Congress 
        not later than 180 calendar days after a committee request is 
        received, or in the case of a committee request for review of a 
        notice of proposed rulemaking or an interim final rulemaking, 
        by the end of the period for submission of comment regarding 
        the rulemaking, if practicable. The report shall include an 
        independent evaluation of the economically significant rule by 
        the Comptroller General.
            (3) Independent evaluation.--The independent evaluation of 
        the economically significant rule by the Comptroller General 
        under paragraph (2) shall include--
                    (A) an evaluation of an agency's analysis of the 
                potential benefits of the rule, including any 
                beneficial effects that cannot be quantified in 
                monetary terms and the identification of the persons or 
                entities likely to receive the benefits;
                    (B) an evaluation of an agency's analysis of the 
                potential costs of the rule, including any adverse 
                effects that cannot be quantified in monetary terms and 
                the identification of the persons or entities likely to 
                bear the costs;
                    (C) an evaluation of an agency's analysis of 
                alternative approaches set forth in the notice of 
                proposed rulemaking and in the rulemaking record, as 
                well as of any regulatory impact analysis, federalism 
                assessment, or other analysis or assessment prepared by 
                the agency or required for the economically significant 
                rule; and
                    (D) a summary of the results of the evaluation of 
                the Comptroller General and the implications of those 
                results.
            (4) Procedures for priorities of requests.--The Comptroller 
        General shall have discretion to develop procedures for 
        determining the priority and number of requests for review 
        under paragraph (1) for which a report will be submitted under 
        paragraph (2).
    (b) Authority of Comptroller General.--Each agency shall promptly 
cooperate with the Comptroller General in carrying out this Act. 
Nothing in this Act is intended to expand or limit the authority of the 
General Accounting Office.

SEC. 5. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the General Accounting 
Office to carry out this Act $5,200,000 for each of fiscal years 2001 
through 2003.

SEC. 6. EFFECTIVE DATE AND DURATION OF PILOT PROJECT.

    (a) Effective Date.--This Act shall take effect 90 days after the 
date of the enactment of this Act.
    (b) Duration of Pilot Project.--The pilot project under this Act 
shall continue for a period of 3 years, if in each fiscal year, or 
portion thereof included in that period, a specific annual 
appropriation not less than $5,200,000 or the pro-rated equivalent 
thereof shall have been made for the pilot project.
    (c) Report.--Before the conclusion of the 3-year period, the 
Comptroller General shall submit to Congress a report reviewing the 
effectiveness of the pilot project and recommending whether or not 
Congress should permanently authorize the pilot project.

            Passed the House of Representatives July 25, 2000.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.
Output: Authorizes appropriations for FY 2001 through 2003.
Provides for the pilot project established under this Act to continue for a three-year period, if specified appropriations are provided. Requires the Comptroller General to report to Congress on such project's effectiveness and on whether it should be authorized permanently.