REPORTS Act

This Act may be cited as the Reviewing the Effects of Programs, Orders, and Rules with Thorough Study Act or the REPORTS Act.
Whenever an agency publishes notice of proposed rule making in the Federal Register for a major rule, the agency shall, with such notice, publish an analysis of the actual or potential impact of the major rule on—
individuals living at, near, or below the poverty line; and
racial inequity.
During the calendar year in which the date that is one year after the date of enactment of this Act falls, and during each of the following nine calendar years, the Comptroller General shall publish an electronic report on between two and five Government programs or policies with a substantial economic impact (as determined by the Comptroller General) within the past 5 fiscal years. Any such report shall examine the actual or potential impact of such programs or policies on—
individuals living at, near, or below the poverty line; and
racial inequity.
An analysis under subsection (a) or a report under subsection (b) may, at the discretion of the applicable agency head or the Comptroller General (as the case may be), include an analysis of the actual or potential impact of the major rule or Government program or policy (as the case may be) on the racial wealth gap.
In this Act—
the term agency has the meaning given that term in section 551 of title 5, United States Code;
the term major rule has the meaning given that term in section 804 of such title 5; and
the terms poverty line, racial inequity, and racial wealth gap, shall—
for purposes of an analysis under subsection (a), be defined as considered appropriate by the Director of the Office of Management and Budget; and
for purposes of a report under subsection (b), be defined as considered appropriate by the Comptroller General.