Reclaim the Reins Act

This bill significantly enhances congressional review and oversight of federal agency rulemaking, appropriating $10 million each to the Office of Management and Budget (OMB) and the Comptroller General for implementation. It mandates that agencies provide extensive additional information for new rules, including estimates of budgetary effects , direct and indirect costs , impacts on jobs , and effects on inflation . The OMB Administrator must determine if a rule is "major," and the Comptroller General can independently verify rule classifications upon congressional request. A key provision requires that any major rule that increases revenues cannot take effect without a joint resolution of approval from Congress; otherwise, it is deemed not approved. Rules increasing revenue submitted during the final year of a President's term are also subject to congressional disapproval in the succeeding session. The legislation also expands the definition of "rule" to include interpretative rules, general statements of policy, and all other agency guidance documents , broadening the scope of oversight. Furthermore, the bill establishes a process for reviewing rules already in effect. For four years, agencies must annually designate at least 20 percent of their eligible rules for congressional review. Any eligible rule not explicitly approved by Congress within five years of the bill's enactment will automatically sunset and cease to be in effect. Finally, the Comptroller General is directed to study and report on the total number of rules and major rules in effect, along with their estimated economic costs.