Strengthening Congressional Oversight of Regulatory actions for Efficiency - Requires the Director of the Congressional Budget Office (CBO) to establish and maintain a separate Regulatory Analysis Division within CBO responsible for assessing the impact of federal rules and regulations.
Requires the Division to provide analysis:
during the public comment period, of the prospective economic impact of economically significant proposed rules having an annual effect on the economy of $100 million or more or an adverse effect in a material way on the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or state, local, or tribal governments or communities; and of economically significant regulations that have been in effect for five years, including an analysis of costs and benefits to determine if the regulation is meeting the stated goals it was intended to meet.
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