Congressional Oversight and Audit of Agency Rulemaking Actions Act

[AI summary unavailable — showing source text] Congressional Oversight and Audit of Agency Rulemaking Actions Act - Establishes a pilot project under which the Comptroller General may review a published economically significant proposed or interim rule at the request of a committee of either House of Congress with jurisdiction over the subject matter of the rule. Defines "economically significant rule" to mean any proposed, final, or interim rule: (1) that may have an annual effect on the economy of $100 million 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, small businesses, or communities; or (2) for which an agency has prepared an initial or final regulatory flexibility analysis. Requires that an independent audit and assessment of such a rule by the Comptroller General shall consist of: (1) an analysis of the agency's and the public's assessment of the potential benefits and costs of the rule and of alternative approaches that could achieve the agency's objectives in a more cost effective manner; (2) an analysis and assessment of any impact statement or report prepared by th…