; or (II) is a routine or frequent action or a procedural action. (v) Timeline The Administrator shall submit a copy of any proposed or final regulation requiring approval by the Secretary under clause (i) to the Secretary, who shall either approve the regulation or return the regulation to the Administrator with comments not later than 30 days after receiving the regulation. If the Secretary fails to approve or return the regulation with comments to the Administrator not later than 30 days after receiving such regulation, the regulation shall be deemed to have been approved by the Secretary. (C) Periodic review (i) In general For any significant regulation issued after the date of enactment of the FAA Reauthorization Act of 2024 , in addition to the review requirements established under section 5.13(d) of title 49, Code of Federal Regulations, the Administrator shall review any significant regulation 3 years after the effective date of such regulation. (ii) Discretionary review The Administrator may review any regulation that has been in effect for more than 3 years. (iii) Substance of review In performing a review under clause (i) or (ii), the Administrator shall determine if— (I) the cost assumptions supporting the regulation were accurate; (II) the intended benefit of the regulation is being realized; (III) the need remains to continue such regulation as in effect; and (IV) the Administrator recommends updates to such regulation based on the review criteria specified in section 5.13(d) of title 49, Code of Federal Regulations. (iv) Review management Any periodic review of a regulation under this subparagraph shall be managed by the Assistant Administrator for Rulemaking and Regulatory Improvement, who may task an advisory committee or the Management Advisory Council established under subsection (p) to assist in performing the review. ; (4) by redesignating paragraphs (3) and (4) as paragraphs (4) and (5), respectively