Major Rules Approval – Passage

Passage of the bill that would require Congress to approve, by enacting legislation, any "major rule" issued by an agency in order for them to take effect. A "major rule" would include any regulation with an annual economic impact of $100 million or more; rules that would significantly harm employment, investment or U.S. economic competitiveness; or rules that would cause a major increase in costs or prices for consumers or industries. The bill also would create an expedited consideration process in both the House and the Senate for joint resolutions of approval. As amended, the measure would require that for new rules, agencies repeal or amend an existing rule or rules to offset any annual costs of the new rule before the new rule could take effect. As amended, it would create a process to sunset existing rules if Congress had not approved them within 10 years of the bill's enactment.