This bill would look strengthen congressional oversight over the regulatory process by making the responsibilities of the Office of Information and Regulatory Affairs (OIRA) into permanent law. It also establishes a review process for proposed regulations and past regulations. OIRA was created in 1981 and given the responsibility of reviewing regulations by a 1981 executive order by President Ronald Reagan.
OIRA would be required to produce a written report about a proposed regulation to enhance transparency in the regulatory process. The Administrator of OIRA would receive a list of all planned regulatory actions from the heads of all federal agencies that identifies whether the action is considered significant, which is defined as a regulation that has an impact of more than $100 million on the economy. When OIRA determines that an action is considered significant, it would notify the agency within 10 days.
OIRA and the agency would work collaboratively to set a deadline for reviewing the regulations, but OIRA would be able to complete expedited reviews or 10-day reviews under certain circumstances, with 90 days the general timeframe.
Regulatory reviews would be disclosed the public online in as plain of language as possible.