This bill would establish a process by which existing federal regulations can be reviewed, assessed, and replaced or eliminated through a Retrospective Regulatory Review Commission.
The commission would be responsible for identify rules in the Code of Federal Regulations that should be repealed to lower the "cost of regulation." Their goal would be to reduce regulatory costs by 15 percent with minimal reductions in the effectiveness of regulation.
When reviewing regulations, the commission would prioritize major rules that have certain characteristics, like those that:
Have been in effect more than 15 years;
Impose paperwork burdens that could be reduced without diminishing regulatory effectiveness;
Impose disproportionately high costs on small businesses;
Could be made more effective while also reducing regulatory costs.
The commission would be terminated either five years and 180 days after this bill’s enactment, or five years after the members of the commission have all begun their terms — whichever happens later. Congress would have to consider a joint resolution approving of the recommendations that the commission puts forward regarding regulations to be repealed. All information compiled by the commission would be available on its website at no cost to the public.
Federal agencies would be prohibited from reissuing rules that are substantially similar to rules repealed by the Commission without congressional approval. When federal agencies make a new rule, they would have to repeal rules that the commission recommends be repealed to offset the cost of the new rule. Newly issued regulations would need a plan for review within 10 years of its implementation.