; or (2) the period beginning on the date on which the period described in subparagraph (A) expires and ending on the date on which a new President is inaugurated. (b) Rule of construction Nothing in this Act may be construed to limit the ability to exercise authority pursuant to chapter 8 of title 5, United States Code (commonly known as the Congressional Review Act ). 4. Definitions In this Act: (1) Covered presidential transition period The term covered presidential transition period means the 120-day period ending on the date of the inauguration of the new President. (2) Covered regulation The term covered regulation means a final economically significant regulatory action promulgated by an agency. (3) Executive department The term agency has the meaning given that term in section 551 of title 5, United States Code. (4) Major rule The term major rule has the meaning given such term in section 804 of title 5, United States Code. (5) New President The term new President means a President who— (A) did not hold the office of the President on the day before the date of the inauguration of such President; and (B) is inaugurated on or before January 20, 2033. (6) Economically significant regulatory action The term economically significant regulatory action means any regulatory action that is likely to result in a rule that may have an annual effect on the economy of $100,000,000 or more or 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.