Summary

Requires congressional approval for regulations through a revised congressional-review process, changes how the budget baseline treats rules subject to that approval, and orders a GAO study counting federal rules and estimating their economic costs. It also states the bill's purpose to increase legislative accountability and transparency in rulemaking. The bill amends the congressional-review framework in federal law (with placeholder text for the detailed rule-approval procedure), adds a budget-scoring rule that counts such rules as effective for baseline scoring unless Congress disapproves, and requires the Government Accountability Office to report within one year on the number and estimated economic cost of existing federal rules.

• Creates a congressional-approval requirement for certain federal rules by revising the congressional-review law.
• Changes budget baseline rules to treat such rules as effective for scoring unless Congress disapproves them.
• Directs GAO to inventory federal rules (including major rules) and estimate their aggregate economic cost, with a report due in one year.
• States the law's purpose as increasing accountability and transparency in the regulatory process.
• The bill text includes an amendment placeholder for the congressional-review chapter; full operational details are not provided in the excerpt.
• No new appropriations or tax changes are included in the provided text.
• Could slow or block agency rulemaking by requiring legislative approval, shifting power from agencies to Congress.