Imposes new transparency, review, and approval rules for federal agency rulemaking, forces agencies to report detailed cost, budget, jobs, and legal-basis information, and creates a process to periodically review and potentially sunset existing rules unless Congress approves them. It also requires congressional approval for major rules that increase revenue, sets special handling for rules issued near the end of a President’s term, directs a GAO study of existing rules, and provides funds for OMB and the Comptroller General to implement these changes.