In General.—

Sec. 625. (a) In General.—No later than September 30, 1998, the Director of the Office of Management and Budget shall submit to the Congress a report that provides— (1) estimates of the total annual costs and benefits of Federal regulatory programs, including quantitative and non-quantitative measures of regulatory costs and benefits;111 STAT. 1315 (2) estimates of the costs and benefits (including quantitative and nonquantitative measures) of each rule that is likely to have a gross annual effect on the economy of $100,000,000 or more in increased costs; (3) an assessment of the direct and indirect impacts of Federal rules on the private sector, State and local government, and the Federal Government; and (4) recommendations from the Director and a description of significant public comments to reform or eliminate any Federal regulatory program or program element that is inefficient, ineffective, or is not a sound use of the Nation’s resources, (b) Notice.—The Director shall provide public notice and an opportunity to comment on the report under subsection (a) before the report is issued in final form.