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.
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
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.