This bill would require Congress to approve all new major regulations by enacting a joint resolution of approval within 70 legislative or session days after the federal agency proposing the rule submits its final report to Congress. If a Congressional resolution of approval is not enacted within that period, the major rule would be considered ‘not approved’ and would not take effect.
- "An annual effect on the economy of $100 million or more;
- A major increase in costs or prices for consumers, individual industries, federal, state, or local government agencies, or geographic regions; or
- Significant adverse effects on competition, employment, investment, productivity, or innovation, or on the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets."
A major rule could take effect for one 90-calendar day period without the approval of Congress if the President determines it is necessary:
- Because of an imminent threat to public health or safety or another type of emergency,
- For the enforcement of criminal law,
- For national security,
- Or to implement an international trade agreement.
Federal agencies would be kept from allowing any major rule to take effect without congressional review. Courts would also have the authority to review whether an agency has finished all the necessary requirements under this Act before a major rule can take effect.