Replaces the existing paragraph (5) (Agency preparation of guides) with new language requiring agencies to ensure guides are written in sufficiently plain language, permitting agencies to prepare separate guides for groups or classes of similarly affected small entities, permitting cooperation with associations to distribute guides, requiring solicitation of input from affected small entities or their associations when developing guides, and allowing agencies to prepare guides for a rule or a group of related rules.

Adds a new paragraph (8) to 28 U.S.C. 2342 to include jurisdiction over all final rules under section 608(a) of title 5.

Amends 28 U.S.C. 2341(3) by adjusting punctuation in subparagraphs (D) and (E) and adding subparagraph (F) to identify the Office of Advocacy of the Small Business Administration when the final rule is under section 608(a) of title 5.

Amends 5 U.S.C. 612(b) by inserting additional text (text not provided in section).

Amends section 611(a) of title 5, United States Code: (1) in paragraph (1), strikes the phrase "final agency action" and inserts "such rule"; (2) in paragraph (2), inserts text described as "by inserting after ; and" (as provided); and (3) in paragraph (3) — (A) strikes the phrase "final agency action" and inserts "publication of the final rule"; and (B) inserts text described as "by inserting after ." (as provided).

Replaces the text of 5 U.S.C. 610 to require agencies to publish periodic review plans within 180 days, set 10-year review schedules for existing and new rules, require outreach to and inclusion of small businesses, mandate annual reporting to specified entities, list factors agencies must consider in reviews, and require annual publication of rule-review lists with solicitation of public comment.

Strikes subsections (b) through (e) of 5 U.S.C. 609 and inserts new procedural requirements: agencies must notify and provide materials to the Chief Counsel for Advocacy of the Small Business Administration prior to publication of certain proposed rules; the Chief Counsel must identify small entities and convene a review panel; timelines for report submission (60 days after panel convening) and agency response; required report contents including assessments of energy costs, startup costs, and alternatives; public access to reports and materials within 10 business days upon request (subject to FOIA exemptions); waiver authority for the Chief Counsel; and a cross-reference definition of "independent regulatory agency" to 44 U.S.C. 3502.

Replaces Section 608 to set out additional powers of the Chief Counsel for Advocacy, including issuing rules governing agency compliance within 270 days after enactment, intervening in agency adjudications (with stated limits), and filing comments in response to agency notices.

Makes conforming amendments to section 611(a) by striking specified text in paragraphs (1) and (2), removing subparagraph (B) of paragraph (3), and replacing paragraph (3) with the text 'A small entity.'

Revises subsection (b) to require that each initial regulatory flexibility analysis contain a detailed statement addressing eight specified topics (reasons for agency action; objectives and legal basis; estimate of number and type of small entities affected; projected reporting/recordkeeping/compliance requirements and needed professional skills; relevant Federal rules that duplicate/overlap/conflict or reasons such a description cannot be provided; estimate of additional cumulative economic impact on small entities or explanation why not available; description of any disproportionate economic impact on small entities or specific class; description of any impairment of small entities' access to credit).