To reform the process by which Federal agencies analyze and formulate new regulations and guidance documents.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Regulatory Accountability Act of 2011''.
SEC. 2. DEFINITIONS.
Section 551 of title 5, United States Code, is amended-- (1) in paragraph (13), by striking ``and'' at the end; (2) in paragraph (14), by striking the period at the end and inserting a semicolon; and (3) by adding at the end the following: ``(15) `guidance' means an agency statement of general applicability and future effect, other than a regulatory action, that sets forth a policy on a statutory, regulatory or technical issue or an interpretation of a statutory or regulatory issue; ``(16) `high-impact rule' means any rule that the Administrator of the Office of Information and Regulatory Affairs determines is likely to impose an annual cost on the economy of $1,000,000,000 or more, adjusted annually for inflation; ``(17) `Information Quality Act' means section 515 of Public Law 106-554, the Treasury and General Government Appropriations Act for Fiscal Year 2001, and guidelines issued by the Administrator of the Office of Information and Regulatory Affairs or other agencies under that Act; ``(18) `major guidance' means guidance that the Administrator of the Office of Information and Regulatory Affairs finds is likely to lead to-- ``(A) an annual cost on the economy of $100,000,000 or more, adjusted annually...