This legislation would create a new subchapter within the Congressional Review Act for mandatory review of certain rules. The portion of any agency rule that establishes or raises a tax would have to be submitted to Congress and receive the approval of Congress and the President before the agency could put it into effect. The Act would allow the agencies to formulate tax proposals for Congress to consider under existing rulemaking procedures.

S. 1466, introduced by Chairman Thompson on July 29, 1999, is co-sponsored by Senators John Ashcroft (R-MO) and Bill Frist (R-TN).

The House companion bill, H.R. 2636, introduced by Congressman George Gekas (R-PA), on July 29, 1999, was referred to the House Committees on the Judiciary, Ways and Means, and Rules the same day.