Ongoing Review Process for Existing Rules

(a) In general Effective on the date of enactment of this Act, each agency shall conduct a review of each part of any title of the Code of Federal Regulations promulgated by the agency according to a schedule established by the Administrator of the Office of Information and Regulatory Affairs. (b) Schedule (1) In general The Administrator of the Office of Information and Regulatory Affairs shall annually develop a schedule of the parts of the Code of Federal Regulations that agencies shall review under subsection (a). (2) Volume of rules under review In developing the review schedule required under paragraph (1), the Administrator of the Office of Information and Regulatory Affairs shall ensure that the volume of rules that are reviewed by agencies in any given year is such that the public can engage and provide meaningful input in any individual rulemaking, with approximately 20 percent of the total regulations of an agency subject to review each year. (3) Publication (A) In general The review schedule shall be published on the website of the Office of Information and Regulatory Affairs not later than January 1 of each year. (B) Code of Federal Regulations The Director of the Federal Register shall publish on the cover sheet of each individual part in each new edition of the Code of Federal Regulations the date of any completed or scheduled review for that part. (c) Repeal of Rule Prior to Review Prior to the date of a review pursuant to the schedule developed by the Administrator of the Office of Information and Regulatory Affairs under subsection (b), each agency shall repeal the part of the Code of Federal Regulations that is under review. (d) Retrospective analysis (1) In general Each agency shall perform a retrospective analysis of the part being reviewed to determine— (A) whether the goals of the rule are being achieved, based on the legislative intent articulated in the statute under which the rule was promulgated; (B) whether the goals of the rule justify the costs of the rule; and (C) whether there are less restrictive alternatives to accomplish the goals of the rule. (2) Process The Administrator of the Office of Information and Regulatory Affairs shall— (A) develop a standardized process for the required retrospective analysis; and (B) publish the process on the website of the Office of Information and Regulatory Affairs not later than 180 days after the date of enactment of this Act. (e) Reinstatement of a rule (1) In general An agency seeking to reinstate a rule that has been repealed under subsection (c)— (A) shall promulgate a new rule in accordance with the provisions of subchapter II of chapter 5, and chapter 7, of title 5, United States Code (commonly known as the Administrative Procedure Act); and (B) shall not promulgate the rule without completing a retrospective analysis under subsection (d) of the original rule. (2) Notice of proposed rulemaking (A) In general An agency shall publish a notice of proposed rulemaking and hold, at minimum, 2 public hearings designed to maximize public participation in the rulemaking process. (B) Publication The agency shall publish a copy of the retrospective analysis on the website of the agency prior to the date of the public hearings required under subparagraph (A). (3) Regulatory burden A new rule promulgated by an agency under this subsection shall not impose more than 70 percent of the original estimated cost of the repealed version of the rule.