H.R. 4116 (112th): Regulatory Accountability and Economic Freedom Act of 2012

Introduced:
Mar 01, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Tom Latham [R-IA4]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on March 1, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 01, 2012
Referred to Committee Mar 01, 2012
Cosponsors
none
Committees

House Oversight and Government Reform

House Rules

House Budget

House Judiciary

The committee chair determines whether a bill will move past the committee stage.

Full Title

To provide for regulatory accountability and for the revision of economically burdensome regulations, and for other purposes.

Summary

No summaries available.

Text

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Last updated Mar 01, 2012.
35 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/1/2012--Introduced.
Regulatory Accountability and Economic Freedom Act of 2012 - Revises criteria for the federal agency rule making process.
Requires federal agencies proposing a rule to make all preliminary and final factual determinations based on evidence and to consider:
(1) the legal authority under which a rule may be proposed,
(2) the specific nature and significance of the problem the agency may address with a rule,
(3) any reasonable alternatives for a new rule, and
(4) the potential costs and benefits associated with potential alternative rules.
Requires agencies to publish in the Federal Register advance notice of proposed rule making for major rules, high-impact rules, and rules involving novel legal or policy issues.
Defines "major rule" as any rule that is likely to impose:
(1) an annual effect on the economy of $100 million or more, adjusted annually for inflation;
(2) a major increase in costs or prices;
(3) significant adverse effects on competition, employment, investment, productivity, innovation, or U.S. competitiveness; or
(4) significant impacts on multiple sectors of the economy.
Defines "high-impact rule" as any rule that is likely to impose an annual cost on the economy of $1 billion or more, adjusted annually for inflation.
Rewrites provisions for congressional review of agency rule making to require congressional approval of major rules before they may take effect (currently, major rules take effect unless Congress passes and the President signs a joint resolution disapproving them).
Sets forth House and Senate procedures for enacting joint resolutions approving major rules and disapproving non-major rules.
Establishes the United States Red Tape Reduction Commission to advise federal agencies on the modification, consolidation, or elimination of federal regulatory requirements to reduce direct or indirect burdens on U.S. businesses.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 5 U.S.C. Chapter 53
  • 5 U.S.C. Chapter 8
  • 5 U.S.C. Chapter 8