Bill > S5082

This bill, the Regulations from the Executive in Need of Scrutiny Act of 2024, aims to increase accountability and transparency in the federal regulatory process. The key provisions are: 1. Major rules from federal agencies cannot take effect unless Congress enacts a joint resolution of approval. This gives Congress more oversight over major regulations before they are implemented. 2. For non-major rules, Congress can pass a joint resolution to disapprove the rule, which would prevent it from taking effect. 3. The bill defines "major rule" and "significant guidance document" to include those with significant economic impacts, as well as rules that raise novel legal or policy issues. 4. The bill requires federal agencies to submit detailed information on their planned regulatory actions to the Office of Information and Regulatory Affairs, which will establish an annual federal regulatory budget and cost allowances for agencies. 5. The bill also includes provisions for judicial review, exemptions for certain monetary and deregulatory actions, and a requirement that major rules expire after 10 years unless extended by Congress. Overall, the bill aims to shift more regulatory authority from the executive branch to Congress through enhanced reporting requirements and approval procedures for significant federal rules.