(a) Within one hundred and eighty days after the effective date of this
chapter, each agency shall publish in the Federal Register a plan for the
periodic review of the rules issued by the agency which have or will have a
significant economic impact upon a substantial number of small entities. Such
plan may be amended by the agency at any time by publishing the revision in
the Federal Register. The purpose of the review shall be to determine whether
such rules should be continued without change, or should be amended or
rescinded, consistent with the stated objectives of applicable statutes, to
minimize any significant economic impact of the rules upon a substantial
number of such small entities. The plan shall provide for the review of all
such agency rules existing on the effective date of this chapter within ten
years of that date and for the review of such rules adopted after the
effective date of this chapter within ten years of the publication of such
rules as the final rule. If the head of the agency determines that completion
of the review of existing rules is not feasible by the established date, he
shall so certify in a statement published in the Federal Register and may
extend the completion date by one year at a time for a total of not more than
five years.
(b) In reviewing rules to minimize any significant economic impact of the
rule on a substantial number of small entities in a manner consistent with
the stated objectives of applicable statutes, the agency shall consider the
following factors—
(1) the continued need for the rule;
(2) the nature of complaints or comments received concerning the rule from
the public;
(3) the complexity of the rule;
(4) the extent to which the rule overlaps, duplicates or conflicts with
other Federal rules, and, to the extent feasible, with State and local
governmental rules; and
(5) the length of time since the rule has been evaluated or the degree to
which technology, economic conditions, or other factors have changed in the
area affected by the rule.
(c) Each year, each agency shall publish in the Federal Register a list of
the rules which have a significant economic impact on a substantial number of
small entities, which are to be reviewed pursuant to this section during the
succeeding twelve months. The list shall include a brief description of each
rule and the need for and legal basis of such rule and shall invite public
comment upon the rule.
[5 USC 610.]
