Summary

Requires federal agencies to produce much more detailed economic and legal analyses for rulemakings, gives the Government Accountability Office (GAO) authority to classify agency actions as rules and to assess whether rules are "major," and makes Congress approve any major rule that would increase federal revenues before it can take effect. Provides $10 million to the Office of Management and Budget (OMB) and $10 million to the Comptroller General for FY2025 (available through Sept 30, 2034) to implement the new requirements and reporting duties, and adds a new chapter to Title 5 of the U.S. Code to memorialize the procedures.

• Provides $10M to OMB and $10M to GAO for FY2025 (available through Sept 30, 2034) to implement new regulatory reporting and review duties.
• Adds a new chapter to Title 5 that expands what agencies must include in regulatory reports and analyses.
• Agencies must report budgetary effects, direct/indirect costs, industry-level NAICS job impacts, inflation effects, supporting studies, and constitutional authority for a rule.
• GAO can be asked by Members of Congress to decide whether an agency action is a "rule" (60-day report) and whether a rule is "major" (90-day report, with CBO consultation).
• GAO determinations count as agency reports under the new reporting regime.
• Any "major rule that increases revenues" cannot take effect unless Congress enacts a joint resolution approving it.
• The law increases congressional oversight of rulemaking and creates new administrative burdens for agencies.
• Appropriations are relatively small but are targeted to OMB and GAO implementation costs over multiple years.