Truth in Regulations Act of 2016

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 agencies to publish drafts of economically significant guidance documents for public comment. The bill allows an exception to rulemaking notice and publication requirements when an agency determines that an imminent threat to public health or safety or a similar exigent circumstance exists. When such exception is applied, the agency, within 18 months after the rule takes effect, shall: (1) provide for a period in which interested persons may submit written data, views, or arguments; and (2) consider such submissions and, if appropriate, repeal or amend the rule. If a committee reports a joint resolution of disapproval for a rule, the committee may also submit recommendations on withholding agency funds to the Committee on Appropriations of that chamber. The Administrative Conference of the United States shall study and report on the permitting process under environmental laws and on categories of federal rulemaking that would be more appropriately addressed by state action. An agency shall report any determination pertaining to a permit that the Office of Information and Regulatory Affairs determines would cost more than $25 million to the Administrative Conference.