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Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Significant Regulation Oversight Act
of 1998''.

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.
A:
Significant Regulation Oversight Act of 1998 - Prohibits a significant rule from taking effect before the enactment of a joint resolution described in section four of this Act comprised solely of the text of the rule.
Requires, before a proposed significant rule takes effect as a final rule, the agency proposing the rule to submit to each House of Congress a report containing: (1) a copy of the proposed rule; (2) a concise summary of such rule, its purpose, and anticipated effects; (3) a complete copy of any cost-benefit analysis report that has been prepared by the agency with respect to the rule; (4) an explanation of the specific statutory interpretation under which a rule is proposed; and (5) any other relevant information or requirements under any other Act and any relevant Executive order.
Requires each House of the Congress to 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.
States that if the Congress fails to enact a joint resolution as prescribed in this Act approving a proposed significant rule, no court or agency may infer any intent of the Congress from any action or inaction with regard to such rule or any related statute.
(Sec. 4) Requires the majority leader of each House of the Congress to introduce (by request) a joint resolution comprised solely of the text of the proposed significant rule within three session days in the Senate or three legislative days in the House of Representatives after the date on which an agency submits the report containing the text of the proposed significant rule. Allows any Member of either House to introduce the resolution if it is not introduced in that House as provided in the preceding sentence.
Outlines House and Senate committee and floor procedures for approval of the joint resolution.
(Sec. 5) Allows any existing rule to be revised or revoked in accordance with this Act if a petition for review so requests.
(Sec. 6) Defines "significant rule" for purposes as any rule proposed by an agency that is specified or described as such in the Act that authorizes the rule.
(Sec. 7) States that 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.