S.

    Section 424 of the Congressional Budget and Impoundment Control Act 
of 1974 (2 U.S.C. 658c) is amended--
            (1) in subsection (a)(2)--
                    (A) in subparagraph (B), by striking ``and'' at the 
                end;
                    (B) in subparagraph (C), by striking the period at 
                the end and inserting ``; and''; and
                    (C) by adding at the end the following:
                    ``(D) if the Director estimates that the total 
                amount of direct costs of all Federal intergovernmental 
                mandates in the bill or joint resolution will equal or 
                exceed $5,000,000,000 (adjusted annually for 
                inflation), to the extent practicable, the potential 
                job creation or job loss in State, local, and tribal 
                governments as a result of the mandates.''; and
            (2) in subsection (b)(2)--
                    (A) in subparagraph (A), by striking ``and'' at the 
                end;
                    (B) in subparagraph (B), by striking the period at 
                the end and inserting ``; and''; and
                    (C) by adding at the end the following:
                    ``(C) if the Director estimates that the total 
                amount of direct costs of all Federal private sector 
                mandates in the bill or joint resolution will equal or 
                exceed $5,000,000,000 (adjusted annually for 
                inflation), to the extent practicable, the potential 
                job creation or job loss in the private sector as a 
                result of the mandates.''.

SEC. 4. CLARIFICATION AND EXPANSION OF RULES COVERED BY THE REGULATORY 
              FLEXIBILITY ACT.

    Section 601 of title 5, United States Code, is amended--
            (1) in paragraph (6), by striking ``and'' at the end;
            (2) in paragraph (7)(B), by striking the period at the end 
        and inserting a semicolon;
            (3) in paragraph (8)--
                    (A) by striking ``Recordkeeping requirement.--The'' 
                and inserting ``the''; and
                    (B) by striking the period at the end and inserting 
                ``; and''; and
            (4) by adding at the end the following:
            ``(9) the term `economic impact' means, with respect to a 
        proposed or final rule--
                    ``(A) any direct economic effect of the rule on 
                small entities; and
                    ``(B) any indirect economic effect on small 
                entities, including potential job creation or job loss, 
                that is reasonably foreseeable and that results from 
                the rule, without regard to whether small entities are 
                directly regulated by the rule.''.

SEC. 5. REQUIREMENTS PROVIDING FOR MORE DETAILED ANALYSES.

    (a) Initial Regulatory Flexibility Analysis.--Section 603 of title 
5, United States Code, is amended--
            (1) by striking subsection (b) and inserting the following:
    ``(b) Each initial regulatory flexibility analysis required under 
this section shall contain a detailed statement--
            ``(1) describing the reasons why action by the agency is 
        being considered;
            ``(2) describing the objectives of, and legal basis for, 
        the proposed rule;
            ``(3) estimating the number and type of small entities to 
        which the proposed rule will apply;
            ``(4) describing the projected reporting, recordkeeping, 
        and other compliance requirements of the proposed rule, 
        including an estimate of the classes of small entities which 
        will be subject to the requirement and the type of professional 
        skills necessary for preparation of the report and record;
            ``(5) describing all relevant Federal rules which may 
        duplicate, overlap, or conflict with the proposed rule, or the 
        reasons why such a description could not be provided; and
            ``(6) estimating the additional cumulative economic impact 
        of the proposed rule on small entities, including job creation 
        and employment by small entities, beyond that already imposed 
        on the class of small entities by the agency, or the reasons 
        why such an estimate is not available.''; and
            (2) by adding at the end the following:
    ``(d) An agency shall notify the Chief Counsel for Advocacy of the 
Small Business Administration of any draft rules that may have a 
significant economic impact on a substantial number of small entities 
either--
            ``(1) when the agency submits a draft rule to the Office of 
        Information and Regulatory Affairs at the Office of Management 
        and Budget under Executive Order 12866, if that order requires 
        such submission; or
            ``(2) if no submission to the Office of Information and 
        Regulatory Affairs is so required, at a reasonable time prior 
        to publication of the rule by the agency.''.
    (b) Final Regulatory Flexibility Analysis.--
            (1) In general.--Section 604(a) of title 5, United States 
        Code, is amended--
                    (A) by inserting ``detailed'' before 
                ``description'' each place it appears;
                    (B) in paragraph (1), by striking ``succinct'';
                    (C) in paragraph (2)--
                            (i) by striking ``summary'' each place it 
                        appears and inserting ``statement''; and
                            (ii) by inserting ``(or certification of 
                        the proposed rule under section 605(b))'' after 
                        ``initial regulatory flexibility analysis'';
                    (D) in paragraph (3), by striking ``an 
                explanation'' and inserting ``a detailed explanation'';
                    (E) by redesignating paragraphs (3), (4), and (5) 
                as paragraphs (4), (5), and (6), respectively; and
                    (F) by inserting after paragraph (2) the following:
            ``(3) the response of the agency to any comments filed by 
        the Chief Counsel for Advocacy of the Small Business 
        Administration in response to the proposed rule, and a detailed 
        statement of any change made to the proposed rule in the final 
        rule as a result of the comments;''.
            (2) Publication of analysis on web site, etc.--Section 
        604(b) of title 5, United States Code, is amended to read as 
        follows:
    ``(b) The agency shall--
            ``(1) make copies of the final regulatory flexibility 
        analysis available to the public, including by publishing the 
        entire final regulatory flexibility analysis on the Web site of 
        the agency; and
            ``(2) publish in the Federal Register the final regulatory 
        flexibility analysis, or a summary of the analysis that 
        includes the telephone number, mailing address, and address of 
        the Web site where the complete final regulatory flexibility 
        analysis may be obtained.''.
    (c) Cross-References to Other Analyses.--Section 605(a) of title 5, 
United States Code, is amended to read as follows:
    ``(a) A Federal agency shall be deemed to have satisfied a 
requirement regarding the content of a regulatory flexibility agenda or 
regulatory flexibility analysis under section 602, 603, or 604, if the 
Federal agency provides in the agenda or regulatory flexibility 
analysis a cross-reference to the specific portion of an agenda or 
analysis that is required by another law and that satisfies the 
requirement.''.
    (d) Certifications.--The second sentence of section 605(b) of title 
5, United States Code, is amended by striking ``statement providing the 
factual'' and inserting ``detailed statement providing the factual and 
legal''.
    (e) Quantification Requirements.--Section 607 of title 5, United 
States Code, is amended to read as follows:
``Sec. 607. Quantification requirements
    ``In complying with sections 603 and 604, an agency shall provide--
            ``(1) a quantifiable or numerical description of the 
        effects of the proposed or final rule, including an estimate of 
        the potential for job creation or job loss, and alternatives to 
        the proposed or final rule; or
            ``(2) a more general descriptive statement and a detailed 
        statement explaining why quantification is not practicable or 
        reliable.''.

SEC. 6. PERIODIC REVIEW OF RULES.

    Section 610 of title 5, United States Code, is amended to read as 
follows:
``Sec. 610. Periodic review of rules
    ``(a) Not later than 180 days after the enactment of the Job Impact 
Analysis Act of 2010, each agency shall publish in the Federal Register 
and place on its Web site a plan for the periodic review of rules 
issued by the agency that the head of the agency determines has a 
significant economic impact on a substantial number of small entities. 
Such determination shall be made without regard to whether the agency 
performed an analysis under section 604. 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, to minimize any significant adverse 
economic impacts on a substantial number of small entities (including 
an estimate of any adverse impacts on job creation and employment by 
small entities). Such plan may be amended by the agency at any time by 
publishing the revision in the Federal Register and subsequently 
placing the amended plan on the Web site of the agency.
    ``(b) The plan shall provide for the review of all such agency 
rules existing on the date of the enactment of the Job Impact Analysis 
Act of 2010 within 10 years after the date of publication of the plan 
in the Federal Register and every 10 years thereafter and for review of 
rules adopted after the date of enactment of the Job Impact Analysis 
Act of 2010 within 10 years after the publication of the final rule in 
the Federal Register and every 10 years thereafter. 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 review for not longer than 2 years after publication of notice of 
extension in the Federal Register. Such certification and notice shall 
be sent to the Chief Counsel for Advocacy and Congress.
    ``(c) Each agency shall annually submit a report regarding the 
results of its review pursuant to such plan to Congress and, in the 
case of agencies other than independent regulatory agencies (as defined 
in section 3502(5) of title 44, United States Code), to the 
Administrator of the Office of Information and Regulatory Affairs of 
the Office of Management and Budget. Such report shall include the 
identification of any rule with respect to which the head of the agency 
made a determination of infeasibility under paragraph (5) or (6) of 
subsection (d) and a detailed explanation of the reasons for such 
determination.
    ``(d) In reviewing rules under such plan, the agency shall 
consider--
            ``(1) the continued need for the rule;
            ``(2) the nature of complaints received by the agency from 
        small entities concerning the rule;
            ``(3) comments by the Regulatory Enforcement Ombudsman and 
        the Chief Counsel for Advocacy;
            ``(4) the complexity of the rule;
            ``(5) the extent to which the rule overlaps, duplicates, or 
        conflicts with other Federal rules and, unless the head of the 
        agency determines it to be infeasible, State and local rules;
            ``(6) the contribution of the rule to the cumulative 
        economic impact of all Federal rules on the class of small 
        entities affected by the rule, unless the head of the agency 
        determines that such calculations cannot be made and reports 
        that determination in the annual report required under 
        subsection (c);
            ``(7) 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; 
        and
            ``(8) the current impact of the rule, including--
                    ``(A) the estimated number of small entities to 
                which the rule will apply;
                    ``(B) the estimated number of small business jobs 
                that will be lost or created by the rule; and
                    ``(C) the projected reporting, recordkeeping and 
                other compliance requirements of the proposed rule, 
                including--
                            ``(i) an estimate of the classes of small 
                        entities that will be subject to the 
                        requirement; and
                            ``(ii) the type of professional skills 
                        necessary for preparation of the report or 
                        record.
    ``(e) The agency shall publish in the Federal Register and on the 
Web site of the agency a list of rules to be reviewed pursuant to such 
plan. Such publication shall include a brief description of the rule, 
the reason why the agency determined that it has a significant economic 
impact on a substantial number of small entities (without regard to 
whether the agency had prepared a final regulatory flexibility analysis 
for the rule), and request comments from the public, the Chief Counsel 
for Advocacy, and the Regulatory Enforcement Ombudsman concerning the 
enforcement of the rule.''.

SEC. 7. OFFICE OF ADVOCACY.

    (a) In General.--Section 203 of Public Law 94-305 (15 U.S.C. 634c) 
is amended--
            (1) in paragraph (4), by striking ``and'' at the end;
            (2) in paragraph (5), by striking the period and inserting 
        ``; and''; and
            (3) by adding at the end the following:
            ``(6) carry out the responsibilities of the Office of 
        Advocacy under chapter 6 of title 5, United States Code.''.
    (b) Budgetary Line Item and Authorization of Appropriations.--Title 
II of Public Law 94-305 (15 U.S.C. 634a et seq.) is amended by striking 
section 207 and inserting the following:

``SEC. 207. BUDGETARY LINE ITEM AND AUTHORIZATION OF APPROPRIATIONS.

    ``(a) Appropriation Requests.--Each budget of the United States 
Government submitted by the President under section 1105 of title 31, 
United States Code, shall include a separate statement of the amount of 
appropriations requested for the Office of Advocacy of the Small 
Business Administration, which shall be designated in a separate 
account in the General Fund of the Treasury.
    ``(b) Administrative Operations.--The Administrator of the Small 
Business Administration shall provide the Office of Advocacy with 
appropriate and adequate office space at central and field office 
locations, together with such equipment, operating budget, and 
communications facilities and services as may be necessary, and shall 
provide necessary maintenance services for such offices and the 
equipment and facilities located in such offices.
    ``(c) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as are necessary to carry out this title. Any 
amount appropriated under this subsection shall remain available, 
without fiscal year limitation, until expended.''.

SEC. 8. CLERICAL AMENDMENTS.

    (a) Heading.--The heading of section 605 of title 5, United States 
Code, is amended to read as follows:
``Sec. 605. Incorporations by reference and certifications''.
    (b) Table of Sections.--The table of sections for chapter 6 of 
title 5, United States Code, is amended--
            (1) by striking the item relating to section 605 and 
        inserting the following:

``605. Incorporations by reference and certifications.'';
        and
            (2) by striking the item relating to section 607 and 
        inserting the following:

``607. Quantification requirements.''.
Output: Job Impact Analysis Act of 2010 - Amends the Congressional Budget and Impoundment Control Act of 1974 to require the Director of the Congressional Budget Office (CBO) to include in the statement submitted to an authorizing congressional committee for a public bill or joint resolution reported by that committee for which estimated direct costs of all federal intergovernmental mandates, or all federal private sector mandates, will equal or exceed $5 billion (adjusted annually for inflation) estimates of the potential job creation or job loss in state, local, and tribal governments, or in the private sector, as a result of such mandates.

Amends the Regulatory Flexibility Act to require: (1) each initial regulatory flexibility analysis to contain a detailed statement estimating the additional cumulative economic impact of the proposed rule on small businesses; (2) an agency to notify the Chief Counsel for Advocacy of the Small Business Administration (SBA) of any draft rules that may have a significant economic impact on a substantial number of small businesses; (3) each final regulatory flexibility analysis to include the agency's response to any comments filed by the Chief Counsel in response to the proposed rule; and (4) the agency to publish the final regulatory flexibility analysis on its website.

Requires each agency: (1) to place on its website its plan for the periodic review of rules, providing for the review of all agency rules at specified intervals; and (2) in reviewing the rules, to consider specified factors, including the continued need for the rule, the nature of complaints received, and the rule's complexity and current impact.

Requires: (1) the Office of Advocacy of the SBA to carry out responsibilities concerning the analysis of regulatory functions; (2) each federal budget to include a separate statement of the amount requested for the Office, designated in a separate account in the General Fund of the Treasury; and (3) the SBA Administrator to provide the Office with appropriate office space and necessary equipment, operating budget, communications, and maintenance services.