1. Short title This Act may be cited as the Unfunded Mandates Accountability and Transparency Act . 2. Findings Congress finds the following: (1) The public has a right to know the benefits and costs of regulation. Effective regulatory programs provide important benefits to the public, including protecting the environment, worker safety, and human health. Regulations also impose significant costs on individuals, employers, and State, local, and Tribal governments, diverting resources from other important priorities. (2) Better regulatory analysis and review should improve the quality of agency decisions, increasing the benefits and reducing unwarranted costs of regulation. (3) Disclosure and scrutiny of key information underlying agency decisions should make the Federal Government more accountable to the public it serves. 3. Regulatory impact analyses for certain rules The Unfunded Mandates Reform Act of 1995 ( 2 U.S.C. 1501 et seq.) is amended— (1) by striking tribal each place that term appears and inserting Tribal ; (2) in section 3 ( 2 U.S.C. 1502 )— (A) in paragraph (1), by striking and at the end; (B) in paragraph (2), by striking the period at the end and inserting and ; and (C) by adding at the end the following: (3) the term major rule means a rule, as defined in section 551 of title 5, United States Code, that the Administrator of the Office of Information and Regulatory Affairs determines is likely to cause— (A) an annual effect on the economy of $100,000,000 or more, adjusted once every 5 years to reflect increases in the Consumer Price Index for All Urban Consumers, as published by the Bureau of Labor Statistics of the Department of Labor; (B) a major increase in costs or prices for consumers, individual industries, Federal, State, local, or Tribal government agencies, or geographic regions