; (II) the benefits achieved by the rule; and (III) the impacts, including any costs, of the rule on regulated entities and other impacted entities; (iii) a plan for gathering data regarding the metrics and requirements for regulated entities to submit data described in clause (ii) on an ongoing basis, or at periodic times, including a method by which the agency will invite the public to participate in the review process and seek input from other agencies; and (iv) a specific timeframe, as appropriate to the rule and not more than 10 years after the effective date of the rule, under which the agency shall conduct the assessment of the rule in accordance with paragraph (2)(A). (2) Assessment (A) In general Each agency shall assess the data collected under paragraph (1)(B)(iii), using the methodology set forth in paragraph (1)(B)(ii) or any other appropriate methodology developed after the issuance of a final major rule to better determine whether the regulatory objective was achieved, with respect to the rule— (i) to analyze how the actual benefits and costs of the rule may have varied from those anticipated at the time the rule was issued; and (ii) to determine whether— (I) the rule is accomplishing the regulatory objective of the rule; (II) the rule has been rendered unnecessary, taking into consideration— (aa) changes in the subject area affected by the rule; and (bb) whether the rule overlaps with or duplicates— (AA) other rules; or (BB) to the extent feasible, State and local government regulations; (III) the rule needs to be modified in order to accomplish the regulatory objective; (IV) other alternatives to the rule or modification of the rule could better achieve the regulatory objective while maximizing net benefits