Requires federal agencies to publish cost, benefit, and alternative analyses before issuing major rules, and to choose the option that maximizes net benefits unless the White House regulatory office approves otherwise.

• Requires agencies to publish initial and final regulatory impact analyses for major rules, defined as those with an annual economic effect of $100 million or more or those causing major cost increases or significant adverse effects.
• Requires agencies to select the regulatory alternative that maximizes net benefits, unless the Administrator of the Office of Information and Regulatory Affairs approves a different alternative and the agency explains why.
• Expands consultation requirements to include small businesses and other private-sector parties, and allows people aggrieved by final major rules to seek judicial review of compliance.
• Directs the Office of Information and Regulatory Affairs to review major rules for compliance and report annually to Congress, exempts Federal Reserve monetary policy rules, and applies the act to independent regulatory agencies.

• Judiciary Committee (House)
• Budget Committee (House)
• Rules Committee (House)
• Oversight and Government Reform Committee (House)

Government Operations and Politics