Reviewing the Effects of Programs, Orders, and Rules with Thorough Study Act or the REPORTS Act
This bill requires federal agencies, when publishing notice of a proposed major rule, to include an analysis of the rule's potential impact on low-income individuals and racial inequity.
The Government Accountability Office must annually report on the impact of certain programs on low-income individuals and racial inequity.
To require analyses of the impact of Government rules, programs, and 
 policies on poverty and racial inequity, including the racial wealth 
                      gap, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Reviewing the Effects of Programs, 
Orders, and Rules with Thorough Study Act'' or the ``REPORTS Act''.

SEC. 2. IMPACT OF FEDERAL AGENCY RULES ON INDIVIDUALS LIVING AT, NEAR, 
              OR BELOW THE POVERTY LINE AND RACIAL INEQUITY; GAO 
              REPORTS.

    (a) Impact of Regulations on Poverty and Racial Inequity.--Whenever 
an agency publishes notice of proposed rule making in the Federal 
Register for a major rule, the agency shall, with such notice, publish 
an analysis of the actual or potential impact of the major rule on--
            (1) individuals living at, near, or below the poverty line; 
        and
            (2) racial inequity.
    (b) GAO Report on Impact of Federal Government Programs or Policies 
on Poverty and Racial Inequity.--During the calendar year in which the 
date that is one year after the date of enactment of this Act falls, 
and during each of the following nine calendar years, the Comptroller 
General shall publish an electronic report on between two and five 
Government programs or policies with a substantial economic impact (as 
determined by the Comptroller General) within the past 5 fiscal years. 
Any such report shall examine the actual or potential impact of such 
programs or policies on--
            (1) individuals living at, near, or below the poverty line; 
        and
            (2) racial inequity.
    (c) Racial Wealth Gap.--An analysis under subsection (a) or a 
report under subsection (b) may, at the discretion of the applicable 
agency head or the Comptroller General (as the case may be), include an 
analysis of the actual or potential impact of the major rule or 
Government program or policy (as the case may be) on the racial wealth 
gap.
    (d) Definitions.--In this Act--
            (1) the term ``agency'' has the meaning given that term in 
        section 551 of title 5, United States Code;
            (2) the term ``major rule'' has the meaning given that term 
        in section 804 of such title 5; and
            (3) the terms ``poverty line'', ``racial inequity'', and 
        ``racial wealth gap'', shall--
                    (A) for purposes of an analysis under subsection 
                (a), be defined as considered appropriate by the 
                Director of the Office of Management and Budget; and
                    (B) for purposes of a report under subsection (b), 
                be defined as considered appropriate by the Comptroller 
                General.
                                 <all>
REPORTS Act
To require analyses of the impact of Government rules, programs, and policies on poverty and racial inequity, including the racial wealth gap, and for other purposes.
REPORTS Act
Reviewing the Effects of Programs, Orders, and Rules with Thorough Study Act
Rep. Williams, Nikema