Regulatory Reduction and Congressional Control Act

[AI summary unavailable — showing source text] Regulatory Reduction and Congressional Control Act - Requires any rule promulgated by a Federal agency to be submitted to Congress accompanied by: (1) an economic impact analysis disclosing the costs and benefits expected to result from such rule; (2) a paperwork impact analysis disclosing the information-gathering requirements and the nature and number of records persons will be required to keep under such rule; and (3) a judicial impact analysis disclosing the probable consequences of such rule on the operation, work load, and efficiency of the Federal courts. Permits such rules having specified penalties or economic impacts to become effective only if approved by both Houses of Congress. Permits other rules to become effective if not disapproved by either House within 60 days of promulgation. Limits the life of any such rule to five years, after which time it must be rejustified or repromulgated.…