Regulatory Accountability Act of 2015

Sponsor: ROBERT GOODLATTE (R-VA)

(Sec. 2) Defines "major rule" and "major guidance" for purposes of this Act as a rule or guidance that the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget (OMB) determines is likely to impose: (1) an annual cost on the economy of $100 million or more, adjusted annually for inflation; (2) a major increase in costs or prices; (3) significant adverse effects on competition, employment, investment, productivity, innovation, or the ability of U.S. enterprises to compete with foreign-based enterprises; or (4) significant impacts on multiple sectors of the economy. Defines: (1) "high-impact rule" as a rule that the Administrator determines is likely to have an annual cost on the economy of $1 billion or more, adjusted annually for inflation; and (2) "negative-impact on jobs and wages rule" as any rule likely to reduce employment or wages in certain economic sectors or industry areas by specified amounts over specified periods. (Sec. 3) Revises procedures for rule making under the Administrative Procedure Act (APA) to require a federal agency, in the rule making process, to make all preliminary and final factual determinations based on evidence and to consider: (1) the legal authority under which a rule may be proposed; (2) the specific nature and significance of the problem the agency may address with a rule; (3) whether existing rules have created or contributed to the problem the agency may address with a rule and whether such rules may be amended or rescinded; (4) any reasonable alternatives for a new rule; and (5) the potential costs and benefits associated with potential alternative rules, including impacts on low-income populations.

Government Operations and Politics Topic assigned by the Congressional Research Service.