S.Amdt. 717

1. Adds SEC. ___. REGULATORY TIME-OUT wherever appropriate

   Adds a section

   Inserted: SEC. ___. REGULATORY TIME-OUT.

   Inserted: (a) Short Title.--This section may be cited as the "Regulatory Time-Out Act of 2011".

   Inserted: (b) Definitions.--In this section--

   Inserted: (1) the term "agency" has the meaning given that term under section 3502(1) of title 44, United States Code; and

   Inserted: (2) the term "covered regulation" means a final regulation that--

   Inserted: (A) directly or indirectly increases costs on businesses in a manner which will have an adverse effect on job creation, job retention, productivity, competitiveness, or the efficient functioning of the economy;

   Inserted: (B) is likely to--

   Inserted: (i) have an annual effect on the economy of $100,000,000 or more;

   Inserted: (ii) adversely affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities;

   Inserted: (iii) create a serious inconsistency or otherwise interfere with an action taken or planned by another agency;

   Inserted: (iv) materially alter the budgetary impact of entitlements, grants, user fees, or loan programs or the rights and obligations of recipients thereof; or

   Inserted: (v) raise novel legal or policy issues; and

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   Inserted: (C) did not take effect before September 1, 2011.

   Inserted: (c) Time-out Period for Regulations.--

   Inserted: (1) Prior regulations.--A covered regulation that took effect before the date of enactment of this Act shall be treated as though that regulation never took effect for the 1-year period beginning on the date of enactment of this Act.

   Inserted: (2) Prospective regulations.--A covered regulation that has not taken effect before the date of enactment of this Act, may not take effect during the 1-year period beginning on the date of enactment of this Act.

   Inserted: (d) Exemptions.--

   Inserted: (1) In general.--The head of an agency may exempt a covered regulation prescribed by that agency from the application of subsection (c), if the head of the agency--

   Inserted: (A) makes a specific finding that the covered regulation--

   Inserted: (i) is necessary due to an imminent threat to human health or safety, or any other emergency;

   Inserted: (ii) is necessary for the enforcement of a criminal law;

   Inserted: (iii) has as its principal effect--

   Inserted: (I) fostering private sector job creation and the enhancement of the competitiveness of workers in the United States;

   Inserted: (II) encouraging economic growth; or

   Inserted: (III) repealing, narrowing, or streamlining a rule, regulation, or administrative process, or otherwise reducing regulatory burdens;

   Inserted: (iv) pertains to a military or foreign affairs function of the United States; or

   Inserted: (v) is limited to interpreting, implementing, or administering the Internal Revenue Code of 1986; and

   Inserted: (B) submits the finding to Congress and publishes the finding in the Federal Register.

   Inserted: (2) Review.--Not later than 10 days after the date of enactment of this Act each agency shall submit any covered regulation that the head of the agency determines is exempt under this section to the Office of Management and Budget and Congress.

   Inserted: (3) Nondelegable authority.--The head of an agency may not delegate the authority provided under this subsection to exempt the application of any provision of this section.

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed