S148-119

3. Prohibition on net benefit discounts; consideration of regulatory impact analyses Chapter 6 of title 5, United States Code, is amended— in section 601— in paragraph (6), by striking and at the end; in paragraph (7), by striking the period at the end and inserting a semicolon; and by adding at the end the following: the term benefit-cost analysis has the meaning given the term in Office of Management and Budget Circular A–94, as revised on November 9, 2023, or any successor revision; and the term regulatory impact analysis means a regulatory analysis described in— Executive Order 12866 (5 U.S.C. 601 note; relating to regulatory planning and review); Executive Order 13563 (5 U.S.C. 601 note; relating to improving regulation and regulatory review); Executive Order 14094 (88 Fed. Reg. 21879; relating to modernizing regulatory review); Office of Management and Budget Circular No. A–4, as revised on November 9, 2023, or any successor revision; or Office of Management and Budget Circular No. A–94, as revised on November 9, 2023, or any successor revision. by adding at the end the following: An agency may not consider any non-monetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis on any proposed rule, final rule, or interim final rule. The Office of Management and Budget may not— authorize in any manner, such as in issuing guidance, a memorandum, a directive, or a rule that permit or endorse the analysis or use of any non-monetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis on any proposed rule, final rule, or interim final rule; or consider any non-monetized or unquantified factor presented in a regulatory impact analysis or benefit-cost analysis of another agency. Each agency shall publish in the Federal Register, with respect to and along with each proposed rule, final rule, or interim final rule— a summary of each regulatory impact analysis and benefit-cost analysis conducted by the agency; the text of each regulatory impact analysis and benefit-cost analysis conducted by the agency, including a disclosure of the methodology and specific analyses used by the agency in estimating economic impacts, and the determination and rationale of such economic impact analyses; and any additional information of the agency relevant to the regulatory impact and benefit-cost analyses conducted by the agency, such as the decision-making processes of the agency. Not later than 90 days after the date of enactment of this section, the Director of the Office of Management and Budget shall issue revised guidance to agencies to ensure compliance with the provisions of this section. Any party affected by a rule issued by an agency that considered a non-monetized or unquantified factor when conducting a regulatory impact or benefit-cost analysis in violation of this section may bring a civil action against the agency to challenge the rule in a district court of the United States. If the court finds that an agency relied upon non-monetized or unquantified factors to evaluate a final rule or interim final rule in contravention of this section, the court shall declare the rule invalid. This subsection shall apply with respect to any rule issued by an agency on or after November 9, 2023. The table of sections for chapter 6 of title 5, United States Code, is amended by adding at the end the following: (8)the term benefit-cost analysis has the meaning given the term in Office of Management and Budget Circular A–94, as revised on November 9, 2023, or any successor revision; and(9)the term regulatory impact analysis means a regulatory analysis described in—(A)Executive Order 12866 (5 U.S.C. 601 note; relating to regulatory planning and review); (B)Executive Order 13563 (5 U.S.C. 601 note; relating to improving regulation and regulatory review); (C)Executive Order 14094 (88 Fed. Reg. 21879; relating to modernizing regulatory review); (D)Office of Management and Budget Circular No. A–4, as revised on November 9, 2023, or any successor revision; or (E)Office of Management and Budget Circular No. A–94, as revised on November 9, 2023, or any successor revision.; and 613.Prohibition on use of non-monetized or unqualified factors for regulatory analyses(a)Agency prohibitionAn agency may not consider any non-monetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis on any proposed rule, final rule, or interim final rule. (b)OMB prohibitionThe Office of Management and Budget may not—(1)authorize in any manner, such as in issuing guidance, a memorandum, a directive, or a rule that permit or endorse the analysis or use of any non-monetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis on any proposed rule, final rule, or interim final rule; or(2)consider any non-monetized or unquantified factor presented in a regulatory impact analysis or benefit-cost analysis of another agency. (c)Public transparencyEach agency shall publish in the Federal Register, with respect to and along with each proposed rule, final rule, or interim final rule—(1)a summary of each regulatory impact analysis and benefit-cost analysis conducted by the agency;(2)the text of each regulatory impact analysis and benefit-cost analysis conducted by the agency, including a disclosure of the methodology and specific analyses used by the agency in estimating economic impacts, and the determination and rationale of such economic impact analyses; and (3)any additional information of the agency relevant to the regulatory impact and benefit-cost analyses conducted by the agency, such as the decision-making processes of the agency.(d)Regulatory guidanceNot later than 90 days after the date of enactment of this section, the Director of the Office of Management and Budget shall issue revised guidance to agencies to ensure compliance with the provisions of this section.(e)Judicial review(1)In generalAny party affected by a rule issued by an agency that considered a non-monetized or unquantified factor when conducting a regulatory impact or benefit-cost analysis in violation of this section may bring a civil action against the agency to challenge the rule in a district court of the United States.(2)Invalidation of regulationIf the court finds that an agency relied upon non-monetized or unquantified factors to evaluate a final rule or interim final rule in contravention of this section, the court shall declare the rule invalid.(3)Statute of limitationsThis subsection shall apply with respect to any rule issued by an agency on or after November 9, 2023.. 613. Prohibition on use of non-monetized or unquantified factors for regulatory analyses..

613. Prohibition on use of non-monetized or unqualified factors for regulatory analyses An agency may not consider any non-monetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis on any proposed rule, final rule, or interim final rule. The Office of Management and Budget may not— authorize in any manner, such as in issuing guidance, a memorandum, a directive, or a rule that permit or endorse the analysis or use of any non-monetized or unquantified factor when conducting a regulatory impact analysis or benefit-cost analysis on any proposed rule, final rule, or interim final rule; or consider any non-monetized or unquantified factor presented in a regulatory impact analysis or benefit-cost analysis of another agency. Each agency shall publish in the Federal Register, with respect to and along with each proposed rule, final rule, or interim final rule— a summary of each regulatory impact analysis and benefit-cost analysis conducted by the agency; the text of each regulatory impact analysis and benefit-cost analysis conducted by the agency, including a disclosure of the methodology and specific analyses used by the agency in estimating economic impacts, and the determination and rationale of such economic impact analyses; and any additional information of the agency relevant to the regulatory impact and benefit-cost analyses conducted by the agency, such as the decision-making processes of the agency. Not later than 90 days after the date of enactment of this section, the Director of the Office of Management and Budget shall issue revised guidance to agencies to ensure compliance with the provisions of this section. Any party affected by a rule issued by an agency that considered a non-monetized or unquantified factor when conducting a regulatory impact or benefit-cost analysis in violation of this section may bring a civil action against the agency to challenge the rule in a district court of the United States. If the court finds that an agency relied upon non-monetized or unquantified factors to evaluate a final rule or interim final rule in contravention of this section, the court shall declare the rule invalid. This subsection shall apply with respect to any rule issued by an agency on or after November 9, 2023.