Definition: 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 ''Small Business Regulatory Sunset Act
of 2014''.

SEC. 2. DEFINITIONS.

In this Act--
(1) the term ''agency'' has the meaning given the term in
section 551 of title 5, United States Code;
(2) the term ''covered rule'' means any rule or group of
rules--
(A) for which an agency is required to prepare a
regulatory flexibility analysis under section 603 or
604 of title 5, United States Code; and
(B) that is a major rule;
(3) the term ''major rule'' has the meaning given the term
in section 804 of title 5, United States Code; and
(4) the terms ''rule'' and ''small entity'' have the
meanings given those terms in section 601 of title 5, United
States Code.

SEC. 3. PERIODIC REVIEW OF PREEXISTING SMALL BUSINESS REGULATIONS.

Section 610 of title 5, United States Code, is amended to read as
follows:
''Sec. 610. Periodic review of rules
''(a)(1) Not later than 180 days after the date of enactment of the
Small Business Regulatory Sunset Act of 2014, each agency shall
establish a plan for the periodic review of--
''(A) each rule issued by the agency that the head of the
agency determines has a significant economic impact on a
substantial number of small entities, without regard to whether
the agency performed an analysis under section 604 with respect
to the rule; and
''(B) any small entity compliance guide required to be
published by the agency under section 212 of the Small Business
Regulatory Enforcement Fairness Act of 1996 (5 U.S.C. 601
note).
''(2) In reviewing rules and small entity compliance guides under
paragraph (1), the agency shall determine whether the rules and guides
should--
''(A) be amended or rescinded, consistent with the stated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); or
''(B) continue in effect without change.
''(3) Each agency shall publish the plan established under
paragraph (1) in the Federal Register and on the Web site of the
agency.
''(4) An agency may amend the plan established under paragraph (1)
at any time by publishing the amendment in the Federal Register and on
the Web site of the agency.
''(b) Each plan established under subsection (a) shall provide
for--
''(1) the review of each rule and small entity compliance
guide described in subsection (a)(1) in effect on the date of
enactment of the Small Business Regulatory Sunset Act of 2014--
''(A) not later than 9 years after the date of
publication of the plan in the Federal Register; and
''(B) every 9 years thereafter; and
''(2) the review of each rule adopted and small entity
compliance guide described in subsection (a)(1) that is
published after the date of enactment of the Small Business
Regulatory Sunset Act of 2014--
''(A) not later than 9 years after the publication
of the final rule in the Federal Register; and
''(B) every 9 years thereafter.
''(c) In reviewing rules under the plan required under subsection
(a), 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 of the Small Business
Administration;
''(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 a calculation cannot be made;
''(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 economic impact of the rule, including--
''(A) the estimated number of small entities to
which the rule will apply;
''(B) the estimated number of small entity jobs
that will be lost or created due to 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.
''(d)(1) Each agency shall submit an annual report regarding the
results of the review required under subsection (a) to--
''(A) Congress; and
''(B) in the case of an agency that is not an independent
regulatory agency (as defined in section 3502(5) of title 44),
the Administrator of the Office of Information and Regulatory
Affairs of the Office of Management and Budget.
''(2) Each report required under paragraph (1) shall include a
description of any rule or small entity compliance guide with respect
to which the agency made a determination of infeasibility under
paragraph (5) or (6) of subsection (c), together with a detailed
explanation of the reasons for the determination.
''(e) Each agency shall publish in the Federal Register and on the
Web site of the agency a list of the rules and small entity compliance
guides to be reviewed under the plan required under subsection (a) that
includes--
''(1) a brief description of each rule or guide;
''(2) for each rule, the reason why the head of the agency
determined that the rule 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
''(3) a request for comments from the public, the Chief
Counsel for Advocacy of the Small Business Administration, and
the Regulatory Enforcement Ombudsman concerning the enforcement
of the rules or publication of the guides.
''(f)(1) Not later than 6 months after each date described in
paragraphs (1) and (2) of subsection (b), the Inspector General for
each agency shall--
''(A) determine whether the agency has conducted the review
required under subsection (b) appropriately; and
''(B) notify the head of the agency of--
''(i) the results of the determination under
subparagraph (A); and
''(ii) any issues preventing the Inspector General
from determining that the agency has conducted the
review under subsection (b) appropriately.
''(2)(A) Not later than 6 months after the date on which the head
of an agency receives a notice under paragraph (1)(B) that the agency
has not conducted the review under subsection (b) appropriately, the
agency shall address the issues identified in the notice.
''(B) Not later than 30 days after the last day of the 6-month
period described in subparagraph (A), the Inspector General for an
agency that receives a notice described in subparagraph (A) shall--
''(i) determine whether the agency has addressed the issues
identified in the notice; and
''(ii) notify Congress if the Inspector General determines
that the agency has not addressed the issues identified in the
notice.
''(C) Not later than 30 days after the date on which the Inspector
General for an agency transmits a notice under subparagraph (B)(ii), an
amount equal to 1 percent of the amount appropriated for the fiscal
year to the appropriations account of the agency that is used to pay
salaries shall be rescinded.
''(D) Nothing in this paragraph may be construed to prevent
Congress from acting to prevent a rescission under subparagraph (C).''.

SEC. 4. SUNSET OF NEW SMALL BUSINESS REGULATIONS.

(a) In General.--Except as provided in subsection (b) and beginning
on the date of enactment of this Act, each covered rule promulgated by
an agency shall cease to have effect on the date that is 7 years after
the date on which the final version of the covered rule is published.
(b) Extension of Rule.--
(1) In general.--Before the end of the 7-year period
described in subsection (a), an agency may take action to renew
a covered rule in accordance with the process described in
paragraph (2) and if such action is taken, the covered rule
shall remain in effect until modified or repealed by the agency
action or statute.
(2) Renewal process.--
(A) In general.--An agency may renew a covered rule
by using the notice and comment rulemaking process.
(B) Requirements.--In conducting a rulemaking to
renew a covered rule under subparagraph (A), an agency
shall--
(i) solicit and respond to public comment
from entities affected by the covered rule;
(ii) compare the projected costs of the
covered rule to the actual costs realized by
implementation of the covered rule and
determine whether modifications can be made to
the covered rule to lower the cost of the
covered rule;
(iii) consider whether any regulatory
alternatives exist that would accomplish the
same regulatory objective as the covered rule
with less of an impact on affected small
entities; and
(iv) make modifications to the covered
rule, if necessary, to reflect--
(I) comments solicited under clause
(i);
(II) modifications described in
clause (ii); and
(III) any regulatory alternatives
described in clause (iii).
Output:
Small Business Regulatory Sunset Act of 2014 - Requires each federal agency to establish a plan for the periodic review (every nine years) of: (1) its rules that have a significant economic impact on a substantial number of small entities, and (2) any small entity compliance guide required to be published by an agency. Sets forth criteria for review of a rule, including the continued need for the rule, the complexity of the rule, and the economic impact of the rule on small entities. Requires: (1) each agency to publish in the Federal Register and on the agency website a list of the rules and small entity compliance guides to be reviewed under the plan, and (2) the agency Inspector General to determine whether the agency has conducted the required review. Provides that each covered rule (i.e., any rule for which an agency is required to prepare a regulatory flexibility analysis and which is a major rule) promulgated by an agency shall cease to have effect seven years after the final version of such rule is published unless renewed by the agency using the notice and comment rulemaking process.