A bill to require congressional approval for rules that are expected to cost not less than $50,000,000 annually, and for other purposes.

Bill 118 s 5425, also known as the Congressional Approval for Costly Rules Act, is a proposed piece of legislation that aims to require congressional approval for any rules that are estimated to cost at least $50,000,000 annually. The bill seeks to increase transparency and accountability in the rulemaking process by giving Congress the authority to review and approve any regulations that have a significant financial impact.

Under this bill, federal agencies would be required to submit any proposed rules with an estimated annual cost of $50 million or more to Congress for approval before they can be implemented. This would give lawmakers the opportunity to assess the potential economic impact of these regulations and ensure that they are in the best interest of the American people.

In addition to requiring congressional approval for costly rules, the bill also includes provisions for other purposes, although specific details are not provided in the summary. Overall, the Congressional Approval for Costly Rules Act aims to give Congress greater oversight and control over regulations that have a significant financial impact, ultimately promoting greater accountability and transparency in the rulemaking process.