REVIEW Act of 2023

Require Evaluation before Implementing Executive Wishlists Act of 2023 or the REVIEW Act of 2023

This bill prohibits a final agency rule from taking effect until (1) the agency submits the rule to the Office of Information and Regulatory Affairs (OIRA), and (2) OIRA makes a determination as to whether the rule is a high-impact rule that may impose an annual cost on the economy of at least $1 billion.

In addition, an agency must postpone the effective date of a high-impact rule until the final disposition of all actions seeking judicial review of the rule.

The Bill 118 hr 49, also known as the REVIEW Act of 2023, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to establish a process for the review and evaluation of federal regulations to ensure that they are effective, efficient, and in line with the goals of the government.

Under the REVIEW Act, a Regulatory Review Commission would be created to oversee the review process. This commission would be responsible for conducting regular assessments of existing regulations, as well as evaluating the impact of proposed regulations before they are implemented. The goal of these reviews is to identify any regulations that may be outdated, unnecessary, or overly burdensome, and to recommend changes or repeal as needed.

The bill also includes provisions for public input and transparency in the review process. It requires that the commission hold public hearings and solicit feedback from stakeholders, including businesses, advocacy groups, and the general public. Additionally, the commission would be required to publish regular reports on its findings and recommendations, ensuring that the process is transparent and accountable. Overall, the REVIEW Act of 2023 aims to improve the regulatory process by ensuring that regulations are effective, efficient, and in line with the goals of the government. By establishing a systematic review process and promoting public input and transparency, this bill seeks to create a more streamlined and responsive regulatory system that benefits both businesses and the general public.