The bill establishes a new framework for congressional approval of significant executive actions, requiring both major Executive Orders and major agency rules to receive explicit legislative consent before taking effect. This aims to enhance legislative oversight and accountability over the executive branch's policymaking authority. For Executive Orders, the President must submit a detailed report to Congress, including supporting data, cost-benefit analyses, and a classification as either major or nonmajor. A major Executive Order can only take effect upon the enactment of a joint resolution of approval by Congress. Nonmajor Executive Orders, however, become effective upon submission. Congress has 70 legislative or session days to enact a joint resolution of approval for a major Executive Order; if not approved within this timeframe, the order is deemed not approved and cannot take effect. Limited emergency exceptions allow a major Executive Order to take effect for 90 days if deemed necessary for health, safety, criminal law enforcement, national security, or international trade agreements. Similarly, the bill amends federal law to require federal agencies to submit comprehensive reports on proposed rules to Congress and the Comptroller General. These reports must include a copy of the rule, a concise statement, a classification as major or nonmajor, and a cost-benefit analysis . The Comptroller General is tasked with assessing agency compliance and the rule's impact on private-sector activity. Major rules also require a joint resolution of approval from Congress to become effective, subject to the same 70-day review period and emergency exceptions as Executive Orders. The bill defines a major rule as one likely to have an annual economic effect of $100 million or more, significantly increase costs, or adversely affect competition, employment, or innovation. Nonmajor rules are subject to a congressional disapproval procedure. The legislation outlines expedited congressional procedures for considering these joint resolutions, including automatic committee discharge and limited debate in both the House and Senate. These resolutions are specifically designed to be non-amendable to streamline the approval process. The bill limits judicial review of congressional determinations regarding these actions but allows courts to ensure agencies have met procedural requirements. It also exempts rules concerning monetary policy from these new review processes and mandates a Government Accountability Office study on the economic cost of existing rules.