SECTION 1. CONGRESSIONAL REVIEW OF RULES.

    (a) Short Title.--This Act may be cited as the ``Regulatory 
Oversight Act of 1995''.
    (b) In General.--Chapter 5 of title 5, United States Code, is 
amended by inserting after section 553 the following new section:
``Sec. 553a. Congressional review of rules
    ``(a) For purposes of this section the term `significant rule' 
means any rule that may have an annual effect on the economy of 
$100,000,000 or more or adversely affect in a material way the economy, 
a sector of the economy, productivity, competition, jobs, the 
environment, public health or safety, or State, local, or tribal 
governments or communities.
    ``(b)(1) Before a rule takes effect as a final rule, the agency 
promulgating such rule shall submit to the Congress a report 
containing--
            ``(A) a copy of the rule;
            ``(B) a concise general statement relating to the rule;
            ``(C) the proposed effective date of the rule; and
            ``(D) a complete copy of the cost benefit analysis of the 
        rule, if any.
    ``(2) A significant rule relating to a report submitted under 
paragraph (1) shall take effect as a final rule, the latest of--
            ``(A) the later of the date occurring 45 days after the 
        date on which--
                    ``(i) the Congress receives the report submitted 
                under paragraph (1); or
                    ``(ii) the rule is published in the Federal 
                Register;
            ``(B) if the Congress passes a joint resolution of 
        disapproval described under subsection (h) relating to the 
        rule, and the President signs a veto of such resolution, the 
        earlier date--
                    ``(i) on which either House of Congress votes and 
                fails to override the veto of the President; or
                    ``(ii) occurring 30 session days after the date on 
                which the Congress received the veto and objections of 
                the President; or
            ``(C) the date the rule would have otherwise taken effect, 
        if not for this section (unless a joint resolution of 
        disapproval under subsection (h) is enacted).
    ``(3) Except for a significant rule, a rule shall take effect as 
otherwise provided by law after submission to Congress under paragraph 
(1).
    ``(c) A rule shall not take effect as a final rule, if the Congress 
passes a joint resolution of disapproval described under subsection 
(h).
    ``(d)(1) Notwithstanding any other provision of this section 
(except subject to paragraph (3)), a rule that would not take effect by 
reason of this section may take effect, if the President makes a 
determination under paragraph (2) and submits written notice of such 
determination to the Congress.
    ``(2) Paragraph (1) applies to a determination made by the 
President by Executive order that the rule should take effect because 
such rule is--
            ``(A) necessary because of an imminent threat to health or 
        safety or other emergency;
            ``(B) necessary for the enforcement of criminal laws; or
            ``(C) necessary for national security.
    ``(3) An exercise by the President of the authority under this 
subsection shall have no effect on the procedures under subsection (h) 
or the effect of a joint resolution of disapproval under this section.
    ``(4) This subsection and an Executive order issued by the 
President under this subsection shall not be subject to judicial review 
by a court of the United States.
    ``(e)(1) The provisions of subsection (h) shall apply to any rule 
that is published in the Federal Register (as a rule that shall take 
effect as a final rule) during the period beginning on the date 
occurring 60 days before the date the Congress adjourns sine die 
through the date on which the succeeding Congress first convenes.
    ``(2) For purposes of subsection (h), a rule described under 
paragraph (1) shall be treated as though such rule were published in 
the Federal Register (as a rule that shall take effect as a final rule) 
on the date the succeeding Congress first convenes.
    ``(3) During the period beginning on the date the Congress adjourns 
sine die through the date on which the succeeding Congress first 
convenes, a rule described under paragraph (1) shall take effect as a 
final rule as otherwise provided by law.
    ``(f) Any rule that takes effect and later is made of no force or 
effect by the enactment of a joint resolution under subsection (h) 
shall be treated as though such rule had never taken effect.
    ``(g) If the Congress does not enact a joint resolution of 
disapproval under subsection (h), no court or agency may infer any 
intent of the Congress from any action or inaction of the Congress with 
regard to such rule, related statute, or joint resolution of 
disapproval.
    ``(h)(1) For purposes of this subsection, the term `joint 
resolution' means only a joint resolution introduced after the date on 
which the report referred to in subsection (b) is received by Congress 
the matter after the resolving clause of which is as follows: `That 
Congress disapproves the rule submitted by the ________ relating to 
________, and such rule shall have no force or effect. (The blank 
spaces being appropriately filled in.)'.
    ``(2)(A) A resolution described in paragraph (1) shall be referred 
to the committees in each House of Congress with jurisdiction. Such a 
resolution may not be reported before the eighth day after its 
submission or publication date.
    ``(B) For purposes of this subsection the term `submission or 
publication date' means the later of the date on which--
            ``(i) the Congress receives the report submitted under 
        subsection (b)(1); or
            ``(ii) the rule is published in the Federal Register.
    ``(3) If the committee to which is referred a resolution described 
in paragraph (1) has not reported such resolution (or an identical 
resolution) at the end of 20 calendar days after the submission or 
publication date defined under paragraph (2)(B), such committee may be 
discharged by the Majority Leader of the Senate or the Majority Leader 
of the House of Representatives, as the case may be, from further 
consideration of such resolution and such resolution shall be placed on 
the appropriate calendar of the House involved.
    ``(4)(A) When the committee to which a resolution is referred has 
reported, or when a committee is discharged (under paragraph (3)) from 
further consideration of, a resolution described in paragraph (1), it 
is at any time thereafter in order (even though a previous motion to 
the same effect has been disagreed to) for any Member of the respective 
House to move to proceed to the consideration of the resolution, and 
all points of order against the resolution (and against consideration 
of the resolution) are waived. The motion is highly privileged in the 
House of Representatives and is privileged in the Senate and is not 
debatable. The motion is not subject to amendment, or to a motion to 
postpone, or to a motion to proceed to the consideration of other 
business. A motion to reconsider the vote by which the motion is agreed 
to or disagreed to shall not be in order. If a motion to proceed to the 
consideration of the resolution is agreed to, the resolution shall 
remain the unfinished business of the respective House until disposed 
of.
    ``(B) Debate on the resolution, and on all debatable motions and 
appeals in connection therewith, shall be limited to not more than 10 
hours, which shall be divided equally between those favoring and those 
opposing the resolution. A motion further to limit debate is in order 
and not debatable. An amendment to, or a motion to postpone, or a 
motion to proceed to the consideration of other business, or a motion 
to recommit the resolution is not in order. A motion to reconsider the 
vote by which the resolution is agreed to or disagreed to is not in 
order.
    ``(C) Immediately following the conclusion of the debate on a 
resolution described in paragraph (1), and a single quorum call at the 
conclusion of the debate if requested in accordance with the rules of 
the appropriate House, the vote on final passage of the resolution 
shall occur.
    ``(D) Appeals from the decisions of the Chair relating to the 
application of the rules of the Senate or the House of Representatives, 
as the case may be, to the procedure relating to a resolution described 
in paragraph (1) shall be decided without debate.
    ``(5) If, before the passage by one House of a resolution of that 
House described in paragraph (1), that House receives from the other 
House a resolution described in paragraph (1), then the following 
procedures shall apply:
            ``(A) The resolution of the other House shall not be 
        referred to a committee.
            ``(B) With respect to a resolution described in paragraph 
        (1) of the House receiving the resolution--
                    ``(i) the procedure in that House shall be the same 
                as if no resolution had been received from the other 
                House; but
                    ``(ii) the vote on final passage shall be on the 
                resolution of the other House.
    ``(6) This subsection is enacted by Congress--
            ``(A) as an exercise of the rulemaking power of the Senate 
        and 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 resolution described in paragraph 
        (1), and it supersedes other rules only to the extent that it 
        is inconsistent with such rules; and
            ``(B) 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.''.
    (c) Technical and Conforming Amendment.--The table of sections for 
chapter 5 of title 5, United States Code, is amended by inserting after 
the item relating to section 553 the following:

``553a. Congressional review of rules.''.
    (d) Effective Date.--This Act shall take effect on the date of the 
enactment of this Act and shall apply to any significant rule that 
takes effect as a final rule on or after such effective date.
Regulatory Oversight Act of 1995 - Provides for a review by the Congress of rules promulgated by Federal agencies, before such rules take effect as final rules. 
Requires Federal agencies to submit rules and reports on them, including any cost-benefit analyses, to the Congress.  Allows the Congress to stop final implementation of significant rules through a joint resolution of disapproval (and override of any Presidential veto of such resolution).  Defines a significant rule as any rule that may have an annual effect on the economy of $100 million or more, or adversely affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities.
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