To establish a spending-neutral reserve fund relating to reforming the Federal regulatory process by enabling retrospective review of existing regulations, improving the process by which new regulations are created, ensuring fair and effective judicial review, and securing an effective role for Congress in the Federal regulatory process through legislation and oversight.

1. Adds SEC. ___. SPENDING-NEUTRAL RESERVE FUND RELATING TO REFORMING THE FEDERAL REGULATORY PROCESS wherever appropriate

   Adds a section

   Inserted: SEC. ___. SPENDING-NEUTRAL RESERVE FUND RELATING TO REFORMING THE FEDERAL REGULATORY PROCESS.

   Inserted: The Chairman of the Committee on the Budget of the Senate may revise the allocations of a committee or committees, aggregates, and other appropriate levels in this resolution for one or more bills, joint resolutions, amendments, amendments between the Houses, motions, or conference reports relating to--

   Inserted: (1) creating an effective mechanism for the review of the existing Federal regulatory burden to identify rules for repeal or modification that--

   Inserted: (A) impose paperwork burdens that could be reduced substantially without significantly diminishing regulatory effectiveness;

   Inserted: (B) impose disproportionately high costs on small businesses;

   Inserted: (C) could be strengthened in their effectiveness while reducing regulatory costs;

   Inserted: (D) have been rendered obsolete by technological or market changes;

   Inserted: (E) have achieved their goals and can be repealed without target problems recurring;

   Inserted: (F) impose the greatest opportunity costs in terms of economic growth;

   Inserted: (G) are ineffective;

   Inserted: (H) overlap, duplicate, or conflict with other Federal regulations or with State or local regulations; or

   Inserted: (I) impose costs that are not justified by benefits produced for society within the United States;

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   Inserted: (2) reforming the process by which new regulations are made by Federal agencies, including independent agencies, for the purposes of--

   Inserted: (A) prioritizing early public outreach in the rulemaking process;

   Inserted: (B) ensuring the use of the best available scientific, economic, and technical data;

   Inserted: (C) preventing the misuse of guidance documents to skirt public input;

   Inserted: (D) ensuring the use of best practices for regulatory analysis, including cost-benefit analysis, into each step of the rulemaking process;

   Inserted: (E) facilitating the adoption by Federal agencies of the least costly regulatory alternative that would achieve the goals of the statutory authorization;

   Inserted: (F) ensuring more careful consideration of proposed high-cost rules;

   Inserted: (G) ensuring effective oversight of the Federal regulatory program, including independent regulatory commissions, by the Office of Information and Regulatory Affairs;

   Inserted: (H) improving the consideration of adverse impacts on small businesses;

   Inserted: (I) providing greater transparency in the rulemaking process; and

   Inserted: (J) improving compliance with section 515 of the Treasury and General Government Appropriations Act for Fiscal Year 2001 (Public Law 106-554; 114 Stat. 2736A-153) (commonly known as the "Information Quality Act"), the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1501 et seq.), and chapter 6 of title 5, United States Code (commonly known as the "Regulatory Flexibility Act");

   Inserted: (3) enhancing accountability by facilitating fair and effective judicial review of agency actions; and

   Inserted: (4) ensuring that Congress can effectively exercise its appropriate role in the regulatory process through legislation and oversight; by the amounts provided in such legislation for those purposes, provided that such legislation would not raise new revenue and would not increase the deficit over either the period of the total of fiscal years 2016 through 2020 or the period of the total of fiscal years 2016 through 2025.

   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