1. Short title This Act may be cited as the Setting Manageable Analysis Requirements in Text Act of 2019 or the SMART Act of 2019 . 2. Incorporating retrospective review into new major rules (a) In general Subchapter II of chapter 5 of title 5, United States Code, is amended— (1) in section 551— (A) in paragraph (13), by striking ; and and inserting a semicolon; (B) in paragraph (14), by striking the period at the end and inserting a semicolon; and (C) by adding at the end the following: (15) Administrator means the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget established under section 3503 of title 44 and any successor to that office; and (16) major rule means any rule that the Administrator finds has resulted in or is likely to result in— (A) an annual effect on the economy of $100,000,000 or more; (B) a major increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies, or geographic regions; or (C) significant effects on competition, employment, investment, productivity, innovation, health, safety, the environment, or on the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets. ; and (2) in section 553, by adding at the end the following: (f) Major rule frameworks (1) In general Beginning 180 days after the date of enactment of this subsection, when an agency publishes in the Federal Register— (A) a proposed major rule, the agency shall include a potential framework for assessing the major rule, which shall include a general statement of how the agency intends to measure the effectiveness of the major rule; or (B) a final major rule, the agency shall include a framework for assessing the major rule under paragraph (2), which shall include— (i) a statement of the regulatory objectives of the major rule, including a summary of the societal benefit and cost of the major rule