; (ii) issue guidelines for agencies to follow when completing the Regulatory Transparency Form; and (iii) provide direction to Executive agencies (as defined in section 105) with respect to the requirements of this subsection. (B) Updates To ensure that agencies use the best available techniques to quantify and evaluate anticipated present and future benefits, costs, other economic issues, and risks as accurately as possible in the Regulatory Transparency Form, the Administrator shall periodically update any rules, policies, procedures, and guidelines established under subparagraph (A). (5) Rule of construction Nothing in this subsection shall be construed to require an agency to conduct an analysis of the benefits and costs of a proposed rule for which there was no requirement to conduct such an analysis. . II Pilot Commission on Retrospective Review 201. Short title This title may be cited as the Pilot Retrospective Review Commission Act of 2017 . 202. Definitions In this title: (1) Commission The term Commission means the Pilot Regulatory Review Commission established under section 203. (2) Covered regulation The term covered regulation means a regulation impacting the transportation sector that has been in effect for not less than 10 years before the date on which the Commission is established. (3) Covered regulatory agency The term covered regulatory agency means an agency, as defined in section 3502 of title 44, United States Code, that has the authority to issue a regulation that impacts the transportation sector. (4) Regulation The term regulation means a rule, as defined in section 551 of title 5, United States Code. 203. Establishment of commission (a) Establishment There is established in the legislative branch a commission to be known as the Pilot Regulatory Review Commission . (b) Membership (1) Composition The Commission shall be composed of 12 members, of whom— (A) 3 members shall be appointed by the majority leader of the Senate