Modernizing Retrospective Regulatory Review Act

This bill improves how federal agencies review existing regulations after they have been issued. It requires reports, guidance, and plans to make regulations available in machine-readable format and to use technology like artificial intelligence for these reviews.

Sec. 2, Improving retrospective reviews of federal regulations: This section defines key terms like 'retrospective review' as a review of a regulation after it has been issued. It requires the Director of the Office of Management and Budget to submit a report to Congress within 180 days on making agency regulations available in machine-readable format, including an assessment of current availability and recognition of the eCFR as an official legal edition. Within 18 months, the Director must issue guidance on how agencies can use technology, including algorithmic tools and AI, to conduct retrospective reviews more efficiently, such as identifying obsolete, ineffective, or burdensome regulations, typographical errors, or overlaps. Within 2 years, each agency head must submit a plan to the Administrator and Congress detailing a strategy for implementing this guidance, identifying regulations required or beneficial to review, and including any necessary data or analysis. Within 180 days after submitting the plan, the agency head must implement the strategy for any retrospective review of a regulation.