evaluation of regulation under the allocation act

evaluation of regulation under the allocation act Sec. 454. The Emergency Petroleum Allocation Act of 1973, as amended by this Act, is further amended by adding at the end thereof the following new section: “reevaluation of section 4(a) regulation “Sec. 11. (a) Not later than 60 days after the date of enactment of this section, the President shall give appropriate notice and afford interested persons an opportunity to present written and oral data, views, and arguments respecting the appropriateness of, or the continuing need for, the application of any provision of the regulation promulgated under section 4(a) as such provision relates to the attainment of the objectives specified in section 4(b)(1) of section 4. A transcript shall be kept of any such oral presentations of data, views, and argument. “(b) The President shall, after consideration of such written and oral presentations and such other information as may be available to him— “(1) analyze such presentations and report thereon to the Congress within 120 days after the date of enactment of this section; and “(2) shall promulgate, pursuant to the limitations and authority under section 12, such amendment, or amendments, to the regulation promulgated under section 4(a) as he determines are necessary or appropriate— “(A) to modify any provisions of such regulation in a manner which is consistent with the attainment, to the maximum extent practicable, of objectives specified in section 4(b) (1); or “(B) to eliminate any provisions of such regulation no longer necessary to provide for the attainment of such objectives.”.