Under current law, a final federal rule can take effect unless the Congress enacts a joint resolution of disapproval. In contrast, S. 21 would require the Congress to enact a joint resolution of approval before any major rule could take effect. Thus under S. 21 new major regulations would depend on future legislation.
CBO and the staff of the Joint Committee on Taxation (JCT) cannot determine the budgetary effect of making all future major rules subject to Congressional approval, but we expect that, in the absence of subsequent legislative action affecting those rules, enacting S. 21 would have significant effects on both direct spending and revenues. Pay-as-you-go procedures apply because enacting S. 21 would affect direct spending and revenues.
CBO cannot determine whether enacting S. 21 would increase net direct spending or
on-budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2028.
CBO expects that implementing S. 21 also could have a significant impact on spending subject to appropriation, although we cannot determine the magnitude of that effect.
CBO expects that S. 21 would impose no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.