The REVIEW Act of 2023 adds a new checkpoint before government agencies can put new rules into effect. When an agency creates a final rule, it must first send it to a special office called the Office of Information and Regulatory Affairs (OIRA) for review. OIRA then decides whether the rule is a "high-impact" rule—meaning it would cost the economy at least $1 billion per year to follow. This is meant to catch rules that have major financial consequences before they go live.

If OIRA determines a rule is high-impact, the agency has to wait even longer before enforcing it. Specifically, they must hold off until all lawsuits challenging the rule have been completely resolved. This means if someone sues to block or change the rule, the rule stays on hold until the courts finish dealing with that lawsuit. The goal appears to be giving Congress and the courts more time to review expensive new regulations before they take effect, though critics might argue it could slow down important protections or requirements.

REVIEW Act of 2023

Bergman, Jack

Require Evaluation before Implementing Executive Wishlists Act of 2023 or the REVIEW Act of 2023 This bill prohibits a final agency rule from taking effect until (1) the agency submits the rule to the Office of Information and Regulatory Affairs (OIRA), and (2) OIRA makes a determination as to whether the rule is a high-impact rule that may impose an annual cost on the economy of at least $1 billion. In addition, an agency must postpone the effective date of a high-impact rule until the final disposition of all actions seeking judicial review of the rule.