S. 76 — SMART Act of 2025

This section amends the Administrative Procedure Act (5 U.S.C. §§551, 553) to (1) define "Administrator" as the Administrator of the Office of Information and Regulatory Affairs and "major rule" as a rule with an annual economic effect of $100 million or more, a major increase in costs or prices, or significant adverse effects on competition, employment, investment, productivity, innovation, health, safety, the environment, or U.S. competitiveness; and (2) require, on and after one year after enactment, agencies to include in proposed major rules a potential retrospective assessment framework and in final major rules (including those unexpectedly deemed major) a framework specifying regulatory objectives and benefits/costs, analysis methodology, data-gathering plan, and assessment timeframe of no more than 10 years from the effective date. Agencies must then assess major rules within the specified timeframe—analyzing actual versus anticipated benefits/costs; whether the rule achieves its objectives, has become unnecessary due to changes or overlaps, requires modification, or has better alternatives—and publish results on their websites within 180 days, including any triggers for subsequent reviews. Agency heads must oversee compliance, and the Administrator must issue guidance and facilitate coordination of assessments. (Thus, this establishes government-wide retrospective review of major rules, akin to periodic regulatory reviews required of certain financial regulators under 12 U.S.C. §3311.)