Require Evaluation before Implementing Executive Wishlists Act of 2023 or the REVIEW Act of 2023 This bill prohibits a final agency rule from taking effect until (1) the agency submits the rule to the Office of Information and Regulatory Affairs (OIRA), and (2) OIRA makes a determination as to whether the rule is a high-impact rule that may impose an annual cost on the economy of at least $1 billion. In addition, an agency must postpone the effective date of a high-impact rule until the final disposition of all actions seeking judicial review of the rule.
Should HB 49 be enacted, it would significantly alter the current procedure for implementing agency rules deemed high-impact. Agencies would be required to submit these rules to the Office of Information and Regulatory Affairs (OIRA) for assessment. This includes a determination from OIRA on whether the proposed rule is categorized as high-impact. Until this review process is complete, agencies would be obligated to delay the effective date of such rules, thereby potentially extending the timeline for regulatory actions that could heavily influence economic conditions.
House Bill 49, titled the Require Evaluation before Implementing Executive Wishlists Act of 2023 or the REVIEW Act of 2023, seeks to amend title 5 of the United States Code. The primary purpose of this bill is to postpone the effective date of 'high-impact' rules pending judicial review. High-impact rules are defined by the bill as any rule that may impose an annual cost on the economy of at least $1 billion. This initiative stems from a push to ensure a thorough evaluation of the economic implications of significant regulatory actions before they can be enacted.
While proponents of the bill argue that it promotes accountability and careful scrutiny of economically significant regulations, critics may view this as a measure that could hinder timely responses to pressing regulatory needs. This postponement could create delays in rule implementation and may be seen as a way for certain executive actions to be effectively blocked by extending review durations. The discussion around this bill will likely reflect broader debates about the role of regulatory agencies and the balance between economic growth and necessary regulatory oversight.