S 4594 — National Regulatory Budget Act of 2022

Summary

National Regulatory Budget Act of 2022 This bill requires the establishment of a national regulatory budget to limit the costs of federal regulations. It also establishes (1) procedures for enforcing the regulatory budget, (2) the Office of Regulatory Analysis within the executive branch, and (3) a Regulatory Analysis Advisory Board.

Bill Text

• Introduced Introduced in Senate Current html July 21, 2022

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill establishes a new Office of Regulatory Analysis and introduces a National Regulatory Budget framework, creating specific regulatory cost caps and reporting requirements for federal agencies.

• 5 U.S.C. 601

  the term `aggregate costs', with respect to a covered Federal rule, means the sum of-- (A) the direct costs of the covered Federal rule; and (B) the regulatory costs of the covered Federal rule;

  Defines 'aggregate costs' related to federal rules.

• 5 U.S.C. 601

  the term `covered Federal rule' means-- (A) a rule (as defined in section 551); (B) an information collection requirement given a control number by the Office of Management and Budget; or (C) guidance or a directive that-- (i) is not described in subparagraph (A) or (B); (ii)(I) is mandatory in its application to regulated entities; or (II) represents a statement of agency position that regulated entities would reasonably construe as reflecting the enforcement or litigation position of the agency; and (iii) imposes not less than $25,000,000 in annual costs on regulated entities;

  Defines 'covered Federal rule' to include various regulatory measures.

• 5 U.S.C. 601

  the term `Director' means the Director of the Office of Regulatory Analysis established under section 614(b);

  Establishes the position of Director within the new Office of Regulatory Analysis.

• 5 U.S.C. 601

  the term `regulated entity' means-- (A) a for-profit private sector entity (including an individual who is in business as a sole proprietor); (B) a not-for-profit private sector entity; or (C) a State or local government;

  Defines 'regulated entity' for context in the regulatory budget.

• 5 U.S.C. 613

  There is established in the executive branch an independent establishment to be known as the 'Office of Regulatory Analysis'.

  Creates the Office of Regulatory Analysis within the executive branch.

• 5 U.S.C. 614

  The Director shall report on National Regulatory Costs to various congressional committees annually.

  Mandates annual reporting by the Office of Regulatory Analysis to Congress.

• 5 U.S.C. 614

  The Director shall publish regulatory analyses for proposed covered Federal rules.

  Requires the publication of regulatory analyses for new rules.

• 5 U.S.C. 617

  The term `annual overall regulatory cost cap' means the maximum amount of regulatory costs that all Executive branch agencies combined may impose in a fiscal year;

  Introduces an annual regulatory cost cap for all federal agencies.

• 5 U.S.C. 617

  The term `annual agency regulatory cost cap' means the maximum amount of regulatory costs that an Executive branch agency may impose in a fiscal year;

  Establishes individual regulatory cost caps for each federal agency.

• 5 U.S.C. 615

  The Director shall publish in the Federal Register and on the website of the Office of Regulatory Analysis a regulatory analysis of each proposed covered Federal rule.

  Ensures transparency and public access to regulatory analyses.

Action History

1. July 21, 2022

   Introduced in Senate

2. July 21, 2022

   Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Sponsors

• Roger Marshall · Primary

Subjects