This bill, known as the LIBERTY Act, would expand federal regulatory oversight by requiring Congress to review certain agency guidance documents in addition to traditional rules. The legislation amends the definition of what counts as a "major rule" subject to congressional review to include "significant guidance documents" that agencies issue to explain policies or interpret laws and regulations. A guidance document would be considered significant if it could affect the economy by $100 million or more annually or materially impact competition, employment, productivity, or public health and safety. The bill aims to give Congress greater transparency into and control over how federal agencies implement laws through non-binding guidance, which critics argue can effectively function as rules without formal congressional oversight. No specific funding or implementation timeline is included in the legislation.
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