text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Small Business Economic Impact 
  Analysis Act of 2005''.
  
  SEC. 2. AGENCY RESTRUCTURING OR TERMINATION OF USE OF FACILITY.
  
      (a) In General.--The Small Business Act (15 U.S.C. 631 et seq.) is 
  amended--
              (1) by redesignating section 37 as section 38; and
              (2) by inserting after section 36 the following:
  
  ``SEC. 37. AGENCY RESTRUCTURING OR TERMINATION OF USE OF FACILITY.
  
      ``(a) Definitions.--As used in this section, the following 
  definitions apply:
              ``(1) Agency.--The term `agency' has the meaning given the 
          term in section 551(1) of title 5, United States Code.
              ``(2) Qualifying termination or restructuring.--The term 
          `qualifying termination or restructuring' means any termination 
          of the use of a facility or restructuring that will result in 
          the net loss of at least 1,000 governmental and nongovernmental 
          jobs in any State.
              ``(3) Restructuring.--The term `restructuring' means any 
          action by an agency that both reduces and relocates functions 
          and personnel, but does not include a reduction in personnel 
          resulting from workload adjustments, reduced funding levels, or 
          skill imbalances.
              ``(4) Small governmental jurisdiction.--The term `small 
          governmental jurisdiction' has the meaning given the term in 
          section 601(5) of title 5, United States Code.
              ``(5) State.--The term `State' means each of the several 
          States of the United States, the District of Columbia, and the 
          Commonwealth of Puerto Rico.
      ``(b) General Requirement.--
              ``(1) Agencies.--An agency may not make a qualified 
          termination or restructuring until after complying with the 
          requirements of subsections (c) through (e).
              ``(2) Other entities.--An entity that is statutorily 
          authorized to recommend a qualified termination or 
          restructuring may not finalize its recommendation until after 
          complying with the requirements of subsections (c) through (e).
      ``(c) Economic Analysis.--
              ``(1) Economic analysis required.--
                      ``(A) Agencies.--Prior to making any qualifying 
                  termination or restructuring, an agency shall conduct a 
                  detailed analysis of the impact on small business 
                  concerns and small governmental jurisdictions of the 
                  proposed termination or restructuring.
                      ``(B) Other entities.--Prior to recommending a 
                  qualifying termination or restructuring, any entity 
                  statutorily authorized to make such recommendations 
                  shall conduct a detailed analysis of the impact on 
                  small business concerns and small governmental 
                  jurisdictions of the proposed termination or 
                  restructuring.
              ``(2) Scope of economic analysis.--The analysis required 
          under paragraph (1) shall include--
                      ``(A) a description of the small business concerns 
                  and small governmental jurisdictions that will be 
                  affected by the proposed termination or restructuring 
                  and an estimate of the number of such small business 
                  concerns and small governmental jurisdictions;
                      ``(B) a description of the efforts by the agency or 
                  entity to minimize the significant adverse economic 
                  impact on small business concerns and small 
                  governmental jurisdictions of the proposed termination 
                  or restructuring; and
                      ``(C) a description of any alternative termination 
                  or restructuring that would reduce the overall impact 
                  of the proposed termination or restructuring on small 
                  business concerns, together with an explanation of the 
                  reasons for not proposing such alternative termination 
                  or restructuring.
              ``(3) Cost-benefit analysis of impact on certain states.--
                      ``(A) In general.--In conducting the analysis 
                  required under paragraph (1), the agency or entity 
                  shall also conduct, consistent with the principles 
                  stated in Office of Management and Budget Circular A-4 
                  (September 17, 2003), a quantitative cost-benefit 
                  analysis of the economic impact upon small business 
                  concerns and small governmental jurisdictions of the 
                  proposed termination or restructuring in any State 
                  where the agency or entity determines the economic 
                  impact of such termination or restructuring would 
                  exceed $100,000,000.
                      ``(B) Scope of cost-benefit analysis.--In 
                  conducting a cost-benefit analysis under subparagraph 
                  (A), the agency or entity shall--
                              ``(i) evaluate and compare the costs and 
                          benefits to small business concerns and small 
                          governmental jurisdictions of the proposed 
                          termination or restructuring, quantifying and 
                          expressing in monetized values to the maximum 
                          extent possible such costs and benefits;
                              ``(ii) provide clearly stated alternatives 
                          to the proposed termination or restructuring; 
                          and
                              ``(iii) prepare a summary report of the 
                          costs and benefits to small business concerns 
                          and small governmental jurisdictions of the 
                          termination or restructuring proposed under 
                          each such set of alternate proposals.
                      ``(C) Transparency of cost-benefit analysis.--
                              ``(i) In general.--In conducting a cost-
                          benefit analysis under subparagraph (A) or 
                          preparing a summary report under subparagraph 
                          (B)(iii), the agency or entity shall take 
                          measures to ensure the transparency of such 
                          actions, including the bases for making 
                          estimates and forming conclusions for purposes 
                          of such analysis or report.
                              ``(ii) Required measures.--The measures an 
                          agency or entity takes to ensure transparency 
                          shall include--
                                      ``(I) incorporating an executive 
                                  summary;
                                      ``(II) detailing the assumptions 
                                  that were used in the analysis and the 
                                  discount rates applied to future costs 
                                  and benefits;
                                      ``(III) specifically referencing 
                                  all sources of data;
                                      ``(IV) providing appendices with 
                                  documentation of any models used; and
                                      ``(V) including the results of 
                                  formal sensitivity and other 
                                  uncertainty analyses.
      ``(d) Publication of Economic Analysis.--
              ``(1) Draft economic analysis.--Not later than 180 days 
          before taking final action on a qualifying termination or 
          restructuring, an agency or entity shall--
                      ``(A) publish a draft of its economic analysis 
                  under subsection (c) on its website; and
                      ``(B) provide notice of the draft economic analysis 
                  in the Federal Register with at least a 60-day period 
                  for public comment.
              ``(2) Final economic analysis.--After due consideration of 
          any comments, the agency or entity shall publish--
                      ``(A) a final economic analysis on its web site; 
                  and
                      ``(B) a notice regarding the final economic 
                  analysis in the Federal Register.
      ``(e) GAO Review.--
              ``(1) In general.--After publishing the final economic 
          analysis under subsection (d), an agency or entity shall submit 
          its final economic analysis to the Comptroller General of the 
          United States for review of the analysis.
              ``(2) Deadline.--Not later than 90 days after receiving a 
          final economic analysis under paragraph (1), the Comptroller 
          General of the United States shall complete an analysis of the 
          submission and publish a report regarding the sufficiency of 
          the analysis.
              ``(3) Revised economic analysis required upon determination 
          of insufficient analysis.--If the Comptroller General of the 
          United States determines that the final economic analysis is 
          insufficient, the agency or entity shall repeat the procedures 
          required under subsections (c) and (d) and paragraph (1).
      ``(f) Final Action.--An agency or entity may not take final action 
  on a qualifying termination or restructuring until after receiving a 
  satisfactory review from the Comptroller General of the United States 
  under subsection (e).
      ``(g) Judicial Review.--
              ``(1) In general.--Not later than 90 days after the notice 
          regarding the final economic analysis is published in the 
          Federal Register under subsection (d)(2)(B), any small business 
          concern or small governmental jurisdiction adversely affected 
          or aggrieved by the qualifying termination or restructuring may 
          file a petition for judicial review of the qualifying 
          termination or restructuring with the United States Court of 
          Appeals for the circuit in which the small business concern or 
          small governmental jurisdiction is located.
              ``(2) Expedited review.--The Court of Appeals shall provide 
          for expedited review of a petition under paragraph (1).
              ``(3) Scope of review.--Any review under paragraph (1) 
          shall be limited to determining whether--
                      ``(A) the qualifying termination or restructuring 
                  constitutes an agency action that is arbitrary, 
                  capricious, an abuse of discretion, or otherwise not in 
                  accordance with law; and
                      ``(B) the economic analysis under subsection (c) 
                  was insufficient.''.
      (b) Applicability.--The requirements of section 37 of the Small 
  Business Act, as added by subsection (a), shall apply to any qualifying 
  termination or restructuring (as that term is defined in subsection (a) 
  of such section) for which final action has not occurred as of the date 
  of the enactment of this Act.
target: Small Business Economic Impact Analysis Act of 2005 - Prohibits an agency from making a qualified termination or restructuring (a termination of the use of a facility or restructuring that will result in the net loss of at least 1,000 jobs in a state) unless it conducts a detailed analysis of the impact on small businesses and small governmental jurisdictions of the proposed termination or restructuring. Requires: (1) a related cost-benefit analysis; and (2) the agency to publish a draft of the analysis at least 180 days before undertaking the termination or restructuring.
  
  Directs the: (1) agency to publish a final economic analysis; and (2) Comptroller General to review such final analysis. Prohibits an agency from taking final action on a termination or restructuring until its analysis receives a satisfactory review from the Comptroller General.
  
  Authorizes judicial review for any small business or small governmental jurisdiction adversely affected or aggrieved by a qualifying termination or restructuring.
feat_title: A bill to provide for an economic analysis of the impact in small business concerns and small governmental jurisdictions of agency and other decisions that result in a net loss of at least 1,000 jobs, and for other purposes.