S.Amdt. 3682

1. Adds SEC. __. TRUTH IN REGULATING ACT wherever appropriate

   Adds a section

   Inserted: SEC. __. TRUTH IN REGULATING ACT.

   Inserted: (a) Short Title.--This section may be cited as the "Truth in Regulating Act of 2014".

   Inserted: (b) Purposes.--The purposes of this section are to--

   Inserted: (1) increase the transparency of important regulatory decisions;

   Inserted: (2) promote effective congressional oversight to ensure that agency rules fulfill statutory requirements in an efficient, effective, and fair manner; and

   Inserted: (3) increase the accountability of Congress and the agencies to the people they serve.

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

   Inserted: (1) the terms "agency", "rule", and "rule making" have the meanings given those terms under section 551 of title 5, United States Code;

   Inserted: (2) the term "economically significant rule" means any proposed or final rule, including an interim or direct final rule, that may--

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

   Inserted: (B) 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: (3) the term "independent evaluation" means a substantive evaluation of the data, methodology, and assumptions used by an agency in developing an economically significant rule, including--

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   Inserted: (A) an explanation of how any strengths or weaknesses in those data, methodology, and assumptions support or detract from conclusions reached by the agency; and

   Inserted: (B) the implications, if any, of the strengths or weaknesses described in subparagraph (A) for the rule making; and

   Inserted: (4) the term "pilot program" means the program for reviewing and reporting on economically significant rules established under subsection (d).

   Inserted: (d) Pilot Program for Report on Rules.--

   Inserted: (1) In general.--

   Inserted: (A) Request for review.--When an agency publishes an economically significant rule, the chair or ranking member of a committee of jurisdiction of either House of Congress may request that the Comptroller General of the United States review the rule.

   Inserted: (B) Report.--Subject to subparagraph (D), not later than 180 days after the Comptroller General receives a request under subparagraph (A) for review of an economically significant rule, the Comptroller General shall submit to each committee of jurisdiction in each House of Congress a report that includes an independent evaluation of the economically significant rule.

   Inserted: (C) Independent evaluation.--The independent evaluation of an economically significant rule by the Comptroller General under subparagraph (B) shall include, with respect to the agency that published the rule--

   Inserted: (i) an evaluation of the analysis by the agency of the potential benefits of the rule, including--

   Inserted: (I) any beneficial effects that cannot be quantified in monetary terms; and

   Inserted: (II) the identification of the persons or entities likely to receive the benefits described in subclause (I);

   Inserted: (ii) an evaluation of the analysis by the agency of the potential costs of the rule, including--

   Inserted: (I) any adverse effects that cannot be quantified in monetary terms; and

   Inserted: (II) the identification of the persons or entities likely to bear the costs described in subclause (I);

   Inserted: (iii) an evaluation of--

   Inserted: (I) the analysis by the agency of alternative approaches set forth in the notice of proposed rulemaking and in the rulemaking record; and

   Inserted: (II) any regulatory impact analysis, federalism assessment, or other analysis or assessment prepared by the agency or required for the economically significant rule; and

   Inserted: (iv) a summary of--

   Inserted: (I) the results of the evaluation of the Comptroller General; and

   Inserted: (II) the implications of the results described in subclause (I).

   Inserted: (D) Procedures for priorities of requests.--The Comptroller General may develop procedures for determining the priority and number of requests for review under subparagraph (A) for which the Comptroller General submits a report under subparagraph (B).

   Inserted: (2) Authority of comptroller general.--

   Inserted: (A) Cooperation by agencies.--Each agency shall promptly cooperate with the Comptroller General in carrying out this section.

   Inserted: (B) Rule of construction.--Nothing in this section shall be construed to expand or limit the authority of the Government Accountability Office.

   Inserted: (e) Authorization of Appropriations.--There are authorized to be appropriated to the Government Accountability Office to carry out this section $5,200,000 for each of the 3 fiscal years during the period described in subsection (f)(2)(A).

   Inserted: (f) Effective Date; Duration of Pilot Program; Report.--

   Inserted: (1) Effective date.--This section shall take effect on the first day of the first fiscal year beginning after the date of enactment of this Act.

   Inserted: (2) Duration of pilot program.--

   Inserted: (A) In general.--Except as provided in subparagraph (B), the pilot program shall be in effect for the 3-year period beginning on the effective date of this section.

   Inserted: (B) Failure to appropriate funds.--If a specific annual appropriation of not less than $5,200,000 is not made to carry out this section for a fiscal year, the pilot program shall not be in effect during that fiscal year.

   Inserted: (3) Report.--Not later than the last day of the period described in paragraph (2)(A), the Comptroller General shall submit to Congress a report that--

   Inserted: (A) reviews the effectiveness of the pilot program; and

   Inserted: (B) recommends whether or not Congress should permanently authorize the pilot program.

   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