; (B) the program’s efficacy in providing awards to geographically diverse entities; (C) any recommendations for how the program may be improved; and (D) a recommendation as to whether the program should be continued or terminated. (g) Reporting requirement Not later than 1 year after the first grant is awarded under subsection (c) and annually thereafter until 5 years after the last grant recipient completes the regional innovation initiative for which such grant was awarded, the Secretary shall submit a report to Congress that describes the outcome of each regional innovation initiative that was completed during the previous 5 years. (h) Funding From amounts appropriated by Congress for economic development assistance programs, the Secretary may use up to $100,000,000 in each of the fiscal years 2018 through 2024 to carry out this section. . 8. Economic impact of significant Federal agency rules Section 553 of title 5, United States Code, is amended by adding at the end the following: (f) Required review before issuance of significant rules (1) Defined term In this subsection the term significant rule means a rule that is likely— (A) to have an annual effect on the economy of $100,000,000 or more; (B) to adversely affect, in a material way, the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities; or (C) to create a serious inconsistency or otherwise interfere with an action taken or planned by another agency. (2) Review Before issuing a notice of proposed rulemaking in the Federal Register regarding the issuance of a significant rule, the head of the Federal agency or independent regulatory agency seeking to issue the rule shall complete a review, to the extent permitted by law, that— (A) analyzes the problem that the proposed rule intends to address, including— (i) the specific market failure, such as externalities, market power, or lack of information, that justifies such rule