Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: 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should be amended or rescinded, consistent with the stated objectives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.