text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Unfunded Mandates Information and 
  Transparency Act of 2008''.
  
  SEC. 2. FINDINGS.
  
      Congress finds that--
              (1) before acting on proposed Federal mandates, Congress 
          should carefully consider their effects on consumers, workers, 
          and small businesses;
              (2) Congress has often acted without adequate information 
          concerning the costs of Federal mandates, instead focusing only 
          on their benefits;
              (3) the implementation of the Unfunded Mandates Reform Act 
          of 1995 has resulted in increased awareness of 
          intergovernmental mandates without impacting existing 
          environmental, public health, or safety laws or regulations;
              (4) the implementation of this Act will enhance public 
          awareness of prospective Federal mandates on the private 
          sector, State, local, and tribal governments without adversely 
          affecting the environment, public health, or safety laws or 
          regulations;
              (5) the costs of private sector mandates are often borne in 
          part by consumers, in the form of higher prices and reduced 
          availability of goods and services;
              (6) the costs of private sector mandates are often borne in 
          part by workers, in the form of lower wages, reduced benefits, 
          and fewer job opportunities; and
              (7) the costs of private sector mandates are often borne in 
          part by small businesses, in the form of hiring disincentives 
          and stunted economic growth.
  
  SEC. 3. PURPOSE.
  
      The purpose of this Act is--
              (1) to improve the quality of Congress' deliberation with 
          respect to proposed mandates on the private sector, by--
                      (A) providing Congress and the public with more 
                  complete information about the effects of such 
                  mandates; and
                      (B) ensuring that Congress acts on such mandates 
                  only after focused deliberation on their effects; and
              (2) to enhance the ability of Congress and the public to 
          distinguish between Federal mandates that harm consumers, 
          workers, small businesses, State, local, and tribal governments 
          and mandates that help those groups.
  
  SEC. 4. APPLICATION OF REPORTING REQUIREMENTS TO POLICIES INVOLVING 
                CHANGES IN CONDITIONS OF GRANT AID.
  
      Section 423(c) of the Congressional Budget Act of 1974 is amended 
  by striking ``and'' at the end of paragraph (2), by striking the period 
  and inserting ``; and'' at the end of paragraph (3), and by adding at 
  the end the following new paragraph:
              ``(4) an assessment of the authorized level of funding to 
          determine if the prospective costs of carrying out changes to a 
          condition of Federal assistance being imposed on participating 
          State, local, or tribal governments, and how these costs 
          compare with the funds being authorized or, for 
          reauthorizations, of the additional costs of changes in those 
          conditions and how they compare with the changes in funding 
          being authorized; and in cases where a bill or joint resolution 
          provides such sums as are necessary, the assessment shall 
          contain an estimate of that amount.''.
  
  SEC. 5. EXPANDING THE SCOPE OF LEGISLATIVE REPORTING REQUIREMENTS TO 
                INCLUDE INDIRECT COSTS.
  
      (a) Indirect Costs.--Section 423(c) of the Congressional Budget Act 
  of 1974 (as amended by section 4) is further amended--
              (1) in its side heading, by inserting ``and Other Costs'' 
          after ``Mandates'' ; and
              (2) by striking ``and'' at the end of paragraph (3), by 
          striking the period and inserting ``; and'' at the end of 
          paragraph (4), and by adding at the end the following new 
          paragraph:
              ``(5) an identification and description of any reasonably 
          foreseeable indirect costs to State, local, or tribal 
          governments, or by the private sector, incurred as a result of 
          implementing the Federal mandate in the bill or joint 
          resolution.''.
      (b) Definition.--Section 421 of the Congressional Budget Act of 
  1974 is amended by redesignating paragraphs (10) through (13) as 
  paragraphs (11) through (14), respectively and by adding after 
  paragraph (9) the following new paragraph:
              ``(10) Reasonably foreseeable indirect costs.--The term 
          `reasonably foreseeable indirect costs' means costs to the 
          affected entities resulting from implementation of a Federal 
          mandate other than their own direct costs to carry out any such 
          mandate. Such costs include lost income and secondary monetary 
          costs resulting from the Federal mandate.''.
  
  SEC. 6. EXPANDING THE SCOPE OF REGULATORY REPORTING REQUIREMENTS TO 
                INCLUDE INDIRECT COSTS.
  
      Section 202(a) of the Unfunded Mandates Reform Act of 1995 is 
  amended by striking ``the expenditure by'' and inserting ``direct or 
  reasonably foreseeable indirect costs to''.
  
  SEC. 7. APPLICATION OF REPORTING REQUIREMENTS TO INCLUDE REGULATIONS 
                IMPOSED BY INDEPENDENT REGULATORY AGENCIES.
  
      Paragraph (1) of section 421 of the Congressional Budget Act of 
  1974 is amended by striking ``, but does not include independent 
  regulatory agencies''.
  
  SEC. 8. CLARIFICATION TO ENSURE REGULATORY AGENCY REPORTING 
                REQUIREMENTS APPLIES TO ALL RESPECTIVE REGULATORY 
                ACTIONS.
  
      Section 201 of the Unfunded Mandates Reform Act of 1995 is amended 
  by inserting ``expressly'' after ``otherwise''.
  
  SEC. 9. CLOSE LEGAL LOOPHOLE ALLOWING FOR DISREGARDING OF REPORTING 
                REQUIREMENTS BY REGULATORY AGENCIES.
  
      Section 202(a) of the Unfunded Mandates Reform Act of 1995 is 
  amended by--
              (1) striking ``Unless'' and all that follows through 
          ``private sector,'' the first place it appears and inserting 
          the following: ``Unless otherwise expressly prohibited by law, 
          before promulgating any general notice of proposed rulemaking 
          or final rule that includes a Federal mandate that may result 
          in direct or reasonably foreseeable indirect costs to State, 
          local, and tribal governments, in the aggregate, or to the 
          private sector,''; and
              (2) striking ``and before promulgating'' and all that 
          follows through ``containing--'' and inserting the following: 
          ``or within six months after promulgating any final rule that 
          was not preceded by a general notice of proposed rulemaking 
          that includes a Federal mandate that may result in direct or 
          reasonably foreseeable indirect costs by State, local, and 
          tribal governments, in the aggregate, or by the private sector, 
          of such amount or more (adjusted annually for inflation) in any 
          one year; the agency shall prepare a written statement 
          containing--''.
target: Unfunded Mandates Information and Transparency Act of 2008 - Amends the Congressional Budget Act of 1974 to require reports on federal mandates to include: (1) an assessment of the prospective costs of carrying out changes to a condition of federal assistance being imposed on participating state, local, or tribal governments and how these costs compare with the funds being authorized; (2) for reauthorizations, an assessment of the additional costs of changes in those conditions compared with the changes in funding being authorized; (3) in cases where a bill or joint resolution provides necessary sums, an estimate of that amount; and (4) an identification and description of any reasonably foreseeable indirect costs to such governments or the private sector from implementing the federal mandate.
  
  Repeals a provision excluding independent regulatory agencies from reporting requirements.
  
   Makes requirements under this Act applicable to general notice of any final rule that includes such a mandate.
feat_title: To amend the Unfunded Mandates Reform Act of 1995 to ensure that actions taken by regulatory agencies are subject to that Act, and for other purposes.