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U.S. Code as of:
01/19/04
Section 57b-3. Rulemaking process
(a) Definitions
For purposes of this section:
(1) The term "rule" means any rule promulgated by the
Commission under section 46 or section 57a of this title, except
that such term does not include interpretive rules, rules
involving Commission management or personnel, general statements
of policy, or rules relating to Commission organization,
procedure, or practice. Such term does not include any amendment
to a rule unless the Commission -
(A) estimates that such amendment will have an annual effect
on the national economy of $100,000,000 or more;
(B) estimates that such amendment will cause a substantial
change in the cost or price of goods or services which are used
extensively by particular industries, which are supplied
extensively in particular geographic regions, or which are
acquired in significant quantities by the Federal Government,
or by State or local governments; or
(C) otherwise determines that such amendment will have a
significant impact upon persons subject to regulation under
such amendment and upon consumers.
(2) The term "rulemaking" means any Commission process for
formulating or amending a rule.
(b) Notice of proposed rulemaking; regulatory analysis; contents;
issuance
(1) In any case in which the Commission publishes notice of a
proposed rulemaking, the Commission shall issue a preliminary
regulatory analysis relating to the proposed rule involved. Each
preliminary regulatory analysis shall contain -
(A) a concise statement of the need for, and the objectives of,
the proposed rule;
(B) a description of any reasonable alternatives to the
proposed rule which may accomplish the stated objective of the
rule in a manner consistent with applicable law; and
(C) for the proposed rule, and for each of the alternatives
described in the analysis, a preliminary analysis of the
projected benefits and any adverse economic effects and any other
effects, and of the effectiveness of the proposed rule and each
alternative in meeting the stated objectives of the proposed
rule.
(2) In any case in which the Commission promulgates a final rule,
the Commission shall issue a final regulatory analysis relating to
the final rule. Each final regulatory analysis shall contain -
(A) a concise statement of the need for, and the objectives of,
the final rule;
(B) a description of any alternatives to the final rule which
were considered by the Commission;
(C) an analysis of the projected benefits and any adverse
economic effects and any other effects of the final rule;
(D) an explanation of the reasons for the determination of the
Commission that the final rule will attain its objectives in a
manner consistent with applicable law and the reasons the
particular alternative was chosen; and
(E) a summary of any significant issues raised by the comments
submitted during the public comment period in response to the
preliminary regulatory analysis, and a summary of the assessment
by the Commission of such issues.
(3)(A) In order to avoid duplication or waste, the Commission is
authorized to -
(i) consider a series of closely related rules as one rule for
purposes of this subsection; and
(ii) whenever appropriate, incorporate any data or analysis
contained in a regulatory analysis issued under this subsection
in the statement of basis and purpose to accompany any rule
promulgated under section 57a(a)(1)(B) of this title, and
incorporate by reference in any preliminary or final regulatory
analysis information contained in a notice of proposed rulemaking
or a statement of basis and purpose.
(B) The Commission shall include, in each notice of proposed
rulemaking and in each publication of a final rule, a statement of
the manner in which the public may obtain copies of the preliminary
and final regulatory analyses. The Commission may charge a
reasonable fee for the copying and mailing of regulatory analyses.
The regulatory analyses shall be furnished without charge or at a
reduced charge if the Commission determines that waiver or
reduction of the fee is in the public interest because furnishing
the information primarily benefits the general public.
(4) The Commission is authorized to delay the completion of any
of the requirements established in this subsection by publishing in
the Federal Register, not later than the date of publication of the
final rule involved, a finding that the final rule is being
promulgated in response to an emergency which makes timely
compliance with the provisions of this subsection impracticable.
Such publication shall include a statement of the reasons for such
finding.
(5) The requirements of this subsection shall not be construed to
alter in any manner the substantive standards applicable to any
action by the Commission, or the procedural standards otherwise
applicable to such action.
(c) Judicial review
(1) The contents and adequacy of any regulatory analysis prepared
or issued by the Commission under this section, including the
adequacy of any procedure involved in such preparation or issuance,
shall not be subject to any judicial review in any court, except
that a court, upon review of a rule pursuant to section 57a(e) of
this title, may set aside such rule if the Commission has failed
entirely to prepare a regulatory analysis.
(2) Except as specified in paragraph (1), no Commission action
may be invalidated, remanded, or otherwise affected by any court on
account of any failure to comply with the requirements of this
section.
(3) The provisions of this subsection do not alter the
substantive or procedural standards otherwise applicable to
judicial review of any action by the Commission.
(d) Regulatory agenda; contents; publication dates in Federal
Register
(1) The Commission shall publish at least semiannually a
regulatory agenda. Each regulatory agenda shall contain a list of
rules which the Commission intends to propose or promulgate during
the 12-month period following the publication of the agenda. On the
first Monday in October of each year, the Commission shall publish
in the Federal Register a schedule showing the dates during the
current fiscal year on which the semiannual regulatory agenda of
the Commission will be published.
(2) For each rule listed in a regulatory agenda, the Commission
shall -
(A) describe the rule;
(B) state the objectives of and the legal basis for the rule;
and
(C) specify any dates established or anticipated by the
Commission for taking action, including dates for advance notice
of proposed rulemaking, notices of proposed rulemaking, and final
action by the Commission.
(3) Each regulatory agenda shall state the name, office address,
and office telephone number of the Commission officer or employee
responsible for responding to any inquiry relating to each rule
listed.
(4) The Commission shall not propose or promulgate a rule which
was not listed on a regulatory agenda unless the Commission
publishes with the rule an explanation of the reasons the rule was
omitted from such agenda.
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