Regulations from the Executive in Need of Scrutiny Act of 2023

Regulations from the Executive in Need of Scrutiny Act of 2023

This bill revises provisions relating to congressional review of agency rulemaking.

Specifically, the bill establishes a congressional approval process for a major rule. A major rule may only take effect if Congress approves the rule. A major rule is a rule that has resulted in or is likely to result in (1) an annual effect on the economy of $100 million or more; (2) a major increase in costs or prices for consumers, individual industries, government agencies, or geographic regions; or (3) significant adverse effects on competition, employment, investment, productivity, innovation, or the ability of U.S.-based enterprises to compete with foreign-based enterprises.

The bill generally preserves the current congressional review process for a nonmajor rule.

Bill 118 s 184, also known as the Regulations from the Executive in Need of Scrutiny Act of 2023, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to increase congressional oversight over federal regulations issued by executive branch agencies.

Under this bill, any regulation with an economic impact of $100 million or more would be subject to congressional approval before it can take effect. This would require the executive branch to submit the regulation to Congress for review and approval, giving lawmakers the opportunity to scrutinize the potential impact of the regulation on the economy and the American people.

Additionally, the bill includes provisions to expedite the review process for regulations deemed to be "major rules" by Congress. This would help ensure that important regulations are not delayed unnecessarily and can be implemented in a timely manner. Overall, the Regulations from the Executive in Need of Scrutiny Act of 2023 aims to increase transparency and accountability in the regulatory process, giving Congress a greater role in overseeing and approving federal regulations. This bill has the potential to impact a wide range of industries and sectors, as it would require greater scrutiny of regulations with significant economic implications.