review of regulations

review of regulations Sec. 409. (a) Section 9009 of the Internal Revenue Code of 1954 (relating to reports to Congress; regulations) is amended by adding at the end thereof the following new subsection: “(c) Review of Regulations.— “(1) The Commission, before prescribing any rule or regulation under subsection (b), shall transmit a statement with respect to such rule or regulation to the Senate and to the House of Representatives, in accordance with the provisions of this subsection. Such statement shall set forth the proposed rule or regulation and shall contain a detailed explanation and justification of such rule or regulation. “(2) If either such House does not, through appropriate action, disapprove the proposed rule or regulation set forth in such statement no later than 30 legislative days after receipt of such statement, then the Commission may prescribe such rule or regulation. The Commission may not prescribe any rule or regulation which is disapproved by either such House under this paragraph. “(3) For purposes of this subsection, the term ‘legislative days’ 88 Stat. 1304 does not include any calendar day on which both Houses of the Congress are not in session.”. (b) Section 9009(b) of such Code (relating to regulations, etc.) is amended by inserting “in accordance with the provisions of subsection (c )” immediately after “regulations”.