article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Truth in Regulating Act of 1999''. SEC. 2. PURPOSES. The purposes of this Act are to-- (1) increase the transparency of important regulatory decisions; (2) promote effective congressional oversight to ensure that agency rules fulfill statutory requirements in an efficient, effective, and fair manner; and (3) increase the accountability of Congress and the agencies to the people they serve. SEC. 3. DEFINITIONS. In this Act, the term-- (1) ``agency'' has the meaning given such term under section 551(1) of title 5, United States Code; (2) ``economically significant rule'' means any proposed or final rule, including an interim or direct final rule, that may have an annual effect on the economy of $100,000,000 or more or 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; and (3) ``independent analysis'' means a substantive review of the agency's underlying assessments and assumptions used in developing the regulatory action and whatever additional analysis the Comptroller General determines to be necessary. SEC. 4. PILOT PROJECT FOR REPORT ON RULES. (a) In General.-- (1) Request of review.--When an agency develops or issues an economically significant rule, the Comptroller General of the United States may review the rule at the request of a committee of either House of Congress. (2) Report.--The Comptroller General shall submit a report on each economically significant rule selected under paragraph (4) to the committees of jurisdiction in each House of Congress not later than 180 calendar days after a committee request is received. The report shall include an independent analysis of the economically significant rule by the Comptroller General using any relevant data or analyses available to or generated by the General Accounting Office. (3) Independent analysis.--The independent analysis of the economically significant rule by the Comptroller General under paragraph (2) shall include-- (A) an analysis of the potential benefits of the rule, including any beneficial effects that cannot be quantified in monetary terms and the identification of the persons or entities likely to receive the benefits; (B) an analysis of the potential costs of the rule, including any adverse effects that cannot be quantified in monetary terms and the identification of the persons or entities likely to bear the costs; (C) an analysis of alternative approaches that could achieve the statutory goal in a more cost- effective manner or that could provide greater net benefits, and, if applicable, a brief explanation of any reason why such alternatives could not be adopted; (D) an analysis of the extent to which the rule would affect State or local governments; and (E) a summary of how the results of the analysis of the Comptroller General differ, if at all, from the results of the analyses of the agency in promulgating the rule. (4) Procedures for priorities of requests.--The Comptroller General shall have discretion to develop procedures for determining the priority and number of requests for review under paragraph (1) for which a report will be submitted under paragraph (2). (b) Cooperation with Comptroller General.--Each agency shall cooperate with the Comptroller General by promptly providing the Comptroller General with such records and information that the Comptroller General determines necessary to carry out this Act. SEC. 5. AUTHORIZATION OF APPROPRIATIONS. There are authorized to be appropriated to the General Accounting Office to carry out this Act $5,200,000 for each of fiscal years 2000 through 2002. SEC. 6. EFFECTIVE DATE AND DURATION OF PILOT PROJECT. (a) Effective Date.--This Act and the amendments made by this Act shall take effect 90 days after the date of enactment of this Act. (b) Duration of Pilot Project.--The pilot project under this Act shall continue for a period of 3 years, if in each fiscal year, or portion thereof included in that period, a specific annual appropriation not less than $5,200,000 or the pro-rated equivalent thereof shall have been made for the pilot project. (c) Report.--Before the conclusion of the 3-year period, the Comptroller General shall submit to Congress a report reviewing the effectiveness of the pilot project and recommending whether or not Congress should permanently authorize the pilot project.
summary: Truth in Regulating Act of 1999 - Allows the Comptroller General, when a Federal agency develops or issues an economically significant rule, to review the rule at the request of a committee of either House of Congress. Defines "economically significant rule" to mean any proposed or final rule, including an interim or direct final rule, that may have an annual effect on the economy of $100 million or more or 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. Requires the Comptroller General to submit a report on each rule reviewed, including an independent analysis of the costs and benefits, alternative approaches, impact on State and local governments, and differences from the agency's analyses. Grants the Comptroller General discretion to develop procedures for determining the priority and number of requests for review. Authorizes appropriations for FY 2000 through 2002. Provides for the pilot project established under this Act to continue for a three-year period, if specified appropriations are provided. Requires the Comptroller General to report to Congress on such project's effectiveness and on whether it should be authorized permanently.