text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Significant Regulation Oversight Act 
  of 1996''.
  
  SEC. 2. FINDING AND PURPOSE.
  
      (a) Finding.--The Congress finds that oversight of significant 
  rules will be enhanced if they are subject to congressional review and 
  approval after being proposed by an agency.
      (b) Purpose.--The purpose of this Act is to ensure that before a 
  significant rule takes affect--
              (1) Congress is given an adequate opportunity to review the 
          rule and ensure that it is in accordance with the intent of 
          Congress in enacting the law under which the rule is proposed; 
          and
              (2) Congress approves the rule in accordance with the 
          procedures established by this Act.
  
  SEC. 3. REVIEW OF SIGNIFICANT RULES BY CONGRESS.
  
      (a) Congressional Approval of Significant Rules Required.--A 
  significant rule shall not take effect before the date of the enactment 
  of a joint resolution described in section 4(a) comprised solely of the 
  text of the significant rule.
      (b) Reporting and Review of Significant Rules.--(1) Before a 
  proposed significant rule would take effect as a final rule, the agency 
  proposing the rule shall submit to each House of Congress a report 
  containing the following:
              (A) A copy of the proposed significant rule.
              (B) A concise summary of the proposed significant rule, its 
          purpose, and anticipated effects.
              (C) A complete copy of any cost-benefit analysis report 
          that has been prepared by the agency with respect to the 
          proposed significant rule.
              (D) An explanation of the specific statutory interpretation 
          under which a rule is proposed, including an explanation of--
                      (i) whether the interpretation is expressly 
                  required by the text of the statute; or
                      (ii) if the interpretation is not expressly 
                  required by the text of the statute, an explanation 
                  that the interpretation is within the range of 
                  permissible interpretations of the statute as 
                  identified by the agency, and an explanation why the 
                  interpretation selected by the agency is the agency's 
                  preferred interpretation.
              (E) Any other relevant information or requirements under 
          any other Act and any relevant Executive order.
      (2) Upon receipt of a report under paragraph (1), each House of 
  Congress shall provide a copy of the report to the Chairman and ranking 
  minority party member of each committee with jurisdiction over the 
  subject matter of the report.
      (c) No Inference To Be Drawn Where Congress Fails To Approve.--If 
  Congress fails to enact a joint resolution approving a proposed 
  significant rule, no court or agency may infer any intent of Congress 
  from any action or inaction of Congress with regard to such rule or 
  related statute.
  
  SEC. 4. CONGRESSIONAL APPROVAL PROCEDURE FOR SIGNIFICANT RULES.
  
      (a) Introduction.--Not later than 3 legislative days after the date 
  on which an agency submits a report under section 3(b) containing the 
  text of any proposed significant rule, the majority leader of each 
  House of the Congress shall introduce (by request) a joint resolution 
  comprised solely of the text of that significant rule. If the joint 
  resolution is not introduced in either House as provided in the 
  preceding sentence, then any Member of that House may introduce the 
  joint resolution.
      (b) Referral and Consideration.--(1) The joint resolution shall be 
  referred to the appropriate committee of the House in which it is 
  introduced. The committee may report the joint resolution without 
  substantive revision and with or without recommendation or with an 
  adverse recommendation, or the committee may vote not to report the 
  joint resolution. If the committee votes to order the joint resolution 
  reported, it shall be reported not later than the end of the period 
  (not to exceed 45 legislative days) established for consideration of 
  the joint resolution by the Speaker of the House of Representatives or 
  the majority leader of the Senate, as the case may be. Except in the 
  case of a joint resolution which a committee votes not to report, a 
  committee failing to report a joint resolution within such period shall 
  be automatically discharged from consideration of the joint resolution, 
  and it shall be placed on the appropriate calendar.
      (2) A vote on final passage of the joint resolution shall be taken 
  in that House on or before the close of the 90th legislative day after 
  the date of the introduction of the joint resolution in that House.
      (3)(A) A motion in the House of Representatives to proceed to the 
  consideration of a joint resolution under this section shall be highly 
  privileged and not debatable. An amendment to the motion shall not be 
  in order, nor shall it be in order to move to reconsider the vote by 
  which the motion is agreed to or disagreed to.
      (B) Debate in the House of Representatives on a joint resolution 
  under this section shall be limited to not more than 4 hours, which 
  shall be divided equally between those favoring and those opposing the 
  joint resolution. A motion further to limit debate shall not be 
  debatable. It shall not be in order to move to recommit a joint 
  resolution under this section or to move to reconsider the vote by 
  which the joint resolution is agreed to or disagreed to.
      (C) All appeals from the decisions of the chair relating to the 
  application of the Rules of the House of Representatives to the 
  procedure relating to a joint resolution under this section shall be 
  decided without debate.
      (D) Except to the extent specifically provided in the preceding 
  provisions of this subsection, consideration of a joint resolution 
  under this section shall be governed by the Rules of the House of 
  Representatives applicable to other joint resolutions in similar 
  circumstances.
      (4)(A) A motion in the Senate to proceed to the consideration of a 
  joint resolution under this section shall be privileged and not 
  debatable. An amendment to the motion shall not be in order, nor shall 
  it be in order to move to reconsider the vote by which the motion is 
  agreed to or disagreed to.
      (B) Debate in the Senate on a joint resolution under this section, 
  and all debatable motions and appeals in connection therewith, shall be 
  limited to not more than 10 hours. The time shall be equally divided 
  between, and controlled by, the majority leader and the minority leader 
  or their designees.
      (C) Debate in the Senate on any debatable motion or appeal in 
  connection with a joint resolution under this section shall be limited 
  to not more than 1 hour, to be equally divided between, and controlled 
  by, the mover and the manager of the joint resolution, except that in 
  the event the manager of the joint resolution is in favor of any such 
  motion or appeal, the time in opposition thereto, shall be controlled 
  by the minority leader or his designee. Such leaders, or either of 
  them, may, from time under their control on the passage of a joint 
  resolution, allot additional time to any Senator during the 
  consideration of any debatable motion or appeal.
      (D) A motion in the Senate to further limit debate on a joint 
  resolution under this section is not debatable. A motion to recommit a 
  joint resolution under this section is not in order.
      (c) Amendments Prohibited.--No amendment to a joint resolution 
  considered under this section shall be in order in either the House of 
  Representatives or the Senate. No motion to suspend the application of 
  this subsection shall be in order in either House, nor shall it be in 
  order in either House for the presiding officer to entertain a request 
  to suspend the application of this subsection by unanimous consent.
      (d) Treatment if the Other House Has Acted.--If, before the passage 
  by one House of a joint resolution of that House described in 
  subsection (a), that House receives from the other House a joint 
  resolution described in subsection (a) comprised of the same text, 
  then:
              (1) The procedure in that House shall be the same as if no 
          joint resolution had been received from the other House.
              (2) The vote on final passage shall be on the joint 
          resolution of the other House.
      (e) Constitutional Authority.--This section is enacted by 
  Congress--
              (1) as an exercise of the rulemaking power of the Senate 
          and the House of Representatives, respectively, and as such it 
          is deemed a part of the rules of each House, respectively, but 
          applicable only with respect to the procedure to be followed in 
          that House in the case of a joint resolution described in 
          subsection (a), and it supersedes other rules only to the 
          extent that it is inconsistent with such rules; and
              (2) with full recognition of the constitutional right of 
          either House to change the rules (so far as relating to the 
          procedure of that House) at any time, in the same manner, and 
          to the same extent as in the case of any other rule of that 
          House.
  
  SEC. 5. EXISTING RULES.
  
      (a) General.--Any existing rule may be revised or revoked in 
  accordance with this section if a petition for review so requests.
      (b) Introduction.--If a petition for review is filed with the Clerk 
  of the House of Representatives or the Secretary of the Senate, the 
  Clerk or the Secretary shall determine whether the petition meets the 
  requirements of subsection (d). If the Clerk or the Secretary 
  determines that a petition meets those requirements, he or she shall 
  notify the majority leader of that House. The majority leader so 
  notified shall, within 3 legislative days, introduce a joint resolution 
  (by request) that makes the revision or revocation of existing rules 
  proposed by the petition upon the enactment of that joint resolution. 
  If the joint resolution is not introduced as provided in the preceding 
  sentence, then any Member of that House may introduce the joint 
  resolution.
      (c) Procedures for Consideration in the House of Representatives 
  and the Senate.--Any joint resolution introduced under subsection (b) 
  shall be considered in the House of Representatives and the Senate in 
  accordance with the procedures respecting a joint resolution set forth 
  in section 4.
      (d) Petitions for Review.--A petition for review under subsection 
  (a) shall contain the following:
              (1) Any rule affected by the petition and the contents of 
          that rule as it would exist if a joint resolution revising or 
          revoking that rule pursuant to the petition were enacted.
              (2) For a petition in the Senate, the signatures of 30 
          Senators, or for a petition in the House of Representatives, 
          the signatures of 120 Members.
  
  SEC. 6. DEFINITIONS.
  
      For purposes of this Act:
              (1) Agency.--The term ``agency'' has the meaning given that 
          term in section 551 of title 5, United States Code (relating to 
          administrative procedure).
              (2) Rule.--(A) The term ``rule'' has the meaning given such 
          term by section 551 of title 5, United States Code, except that 
          such term does not include--
                      (i) any rule of particular applicability including 
                  a rule that approves or prescribes--
                              (I) future rates, wages, prices, services, 
                          or allowances therefor,
                              (II) corporate or financial structures, 
                          reorganizations, mergers, or acquisitions 
                          thereof, or
                              (III) accounting practices or disclosures 
                          bearing on any of the foregoing, or
                      (ii) any rule of agency organization, personnel, 
                  procedure, practice, or any routine matter.
              (B) The term ``final rule'' means any final rule or interim 
          final rule.
              (3) Significant rule.--The term ``significant rule'' means 
          any rule proposed by an agency that is specified or described 
          as such in the Act that authorizes the rule.
  
  SEC. 7. EXEMPTION FOR MONETARY POLICY.
  
      Nothing in this Act applies to any rule concerning monetary policy 
  proposed or implemented by the Board of Governors of the Federal 
  Reserve System or the Federal Open Market Committee.
target: Significant Regulation Oversight Act of 1996 - Prohibits a significant rule (as so specified or described in the authorizing Act) from taking effect before the enactment of a joint resolution comprised solely of the text of such rule. 
  Provides that, before a proposed significant rule takes effect as a final rule, the agency proposing the rule shall submit to each House of Congress a report containing a copy of the rule, a concise summary of its purpose and anticipated effects, any cost-benefit analysis prepared for the rule, the specific statutory interpretation under which the rule is proposed, and any other relevant information or executive order. 
  Bars a court or agency from inferring any intent of the Congress with regard to such a rule or a related statute if it fails to enact a joint resolution approving a proposed significant rule. 
  Provides for the revision or revocation of an existing rule upon enactment of a joint resolution introduced pursuant to a petition for review signed by 30 Members in the Senate or 120 Representatives in the House and containing the rule affected and the rule as it would exist if the joint resolution were enacted.  Sets forth congressional procedures for the introduction, referral, and consideration of such joint resolutions for the approval of significant proposed rules or the review of existing rules. 
  Exempts from this Act any rule concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.
feat_title: Significant Regulation Oversight Act of 1996