Article I Regulatory Budget Act
This bill amends the Congressional Budget Act of 1974 and other laws to establish and enforce a federal regulatory budget.
The President's annual budget submission must include an analysis of the cost of compliance with current and proposed federal regulations and proposals for complying with the levels and allocations established pursuant to this bill.
The bill amends the Regulatory Flexibility Act to require agencies to provide additional analysis of the private sector costs for compliance with new regulations.
An agency may not issue certain guidance documents setting forth policies or interpretations regarding statutory, regulatory, or technical issues unless it has provided notice and an opportunity for comment.
A concurrent resolution on the budget must include levels for the federal regulatory cost for at least five years. The bill establishes a process for allocating the totals among congressional committees, agencies, programs, and major functional categories.
The bill establishes procedures for enforcing the requirements, including:
The Congressional Budget Office (CBO) must submit: (1) a baseline projecting the federal regulatory cost over at least five years, (2) analysis of the federal regulatory cost of legislation reported by congressional committees, and (3) look-back reviews comparing CBO estimates with actual costs.
The Office of Management and Budget (OMB) and the CBO must submit jointly to the President and Congress an analysis of the cost and economic effects of federal regulations, including recommendations for improvements to the regulatory budgeting process.
Federal agencies and the Government Accountability Office must provide reports and cost estimates for specified regulations.