1. Short title This Act may be cited as the Regulatory Improvement Act of 2017 . 2. Definitions In this Act— (1) the term Commission means the Regulatory Improvement Commission established under section 3; (2) the term commission bill means a bill consisting of the proposed legislative language of the Commission recommended under section 4(h)(2)(C) and introduced under section 4(i)(1); and (3) the term covered regulation means a regulation that has been finalized not later than 10 years before the date on which the Commission is established. 3. Establishment of Commission (a) Establishment There is established in the legislative branch a commission to be known as the Regulatory Improvement Commission . (b) Membership (1) Composition The Commission shall be composed of 9 members, of whom— (A) 1 member shall be appointed by the President, and shall serve as the Chairperson of the Commission; (B) 2 members shall be appointed by the majority leader of the Senate; (C) 2 members shall be appointed by the minority leader of the Senate; (D) 2 members shall be appointed by the Speaker of the House of Representatives