Truth in Regulations Act of 2016

[AI summary unavailable — showing source text] Truth in Regulations Act of 2016 This bill requires each executive agency to: (1) have written procedures for the approval of significant guidance documents by each appropriate senior agency official; and (2) maintain on its website a list of, links to, and a means for the public to comment on and request issuance, modification, or rescission of, such documents. "Significant guidance document" means a guidance document disseminated to regulated entities or the general public that may reasonably be anticipated to: lead to an annual effect on the economy of $100 million or more or adversely affect in a material way the economy, productivity, competition, jobs, the environment, public health or safety, or state, local, or tribal governments or communities; create a serious inconsistency or otherwise interfere with an agency action; materially alter the budgetary impact of entitlements, grants, user fees, or loan programs or the rights and obligations of recipients; or raise novel legal or policy issues arising out of legal mandates, the President's priorities, or the principles set forth in Executive Order 12866 (relating to regulatory planning and review). The bill requires…