X 114 STAT. 1248 PUBLIC LAW 106-312—OCT. 17, 2000 Public Law 106-312 106th Congress An Act ^ To establish a 3-year pilot project for the General Accounting Office to report ' to Congress on economically significant rules of Federal agencies, and for other [S. 1198] purposes. Be it enacted by the Senate and House of Representatives of Truth in the United States of America in Congress assembled, dfloOO*^'^ ^'^ SECTION 1. SHORT TITLE. 5 USC 801 note. This Act may be cited as the 'Truth in Regulating Act of 2000". 5 USC 801 note. SEC. 2. PURPOSES. The purposes of this Act are to— (1) increase the transparency of important regulatory decisions; (2) promote effective congressional oversight to ensure that agency rules fulfill statutory requirements in an efficient, effective, and fair manner; and (3) increase the accountability of Congress and the agencies to the people they serve. 5 USC 801 note. SEC. 3. DEFINITIONS. In this Act, the term— (1) "agency" has the meaning given such term under section 551( 1) of title 5, United States Code; (2) "economically significant rule" means any proposed or final rule, including an interim or direct final rule, that may have an annual effect on the economy of $100,000,000 or more or adversely affect in a material way 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 (3) "independent evaluation" means a substantive evaluation of the agency's data, methodology, and assumptions used in developing the economically significant rule, including— (A) an explanation of how any strengths or weaknesses in those data, methodology, and assumptions support or detract from conclusions reached by the agency; and (B) the implications, if any, of those strengths or weaknesses for the rulemaking. 5 USC 801 note. SEC. 4. PILOT PROJECT FOR REPORT ON RULES. (a) IN GENERAL. — (1) REQUEST FOR REVIEW.—When an agency publishes an economically significant rule, a chairman or ranking member of a committee of jurisdiction of either House of Congress
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