; (ii) by striking The Administrator shall act and inserting the following: (ii) Petitions for rulemaking The Administrator shall act ; (iii) by striking The Administrator shall issue and inserting the following: (iii) Rulemaking timeline The Administrator shall issue ; and (iv) by striking On February 1 and inserting the following: (iv) Reporting requirement On February 1 ; and (B) by striking subparagraphs (B) and (C) and inserting the following: (B) Approval of Secretary of Transportation (i) In general The Administrator may not issue, unless the Secretary of Transportation approves the issuance of the regulation in advance, a proposed regulation or final regulation that— (I) is likely to result in the expenditure by State, local, and Tribal governments in the aggregate, or by the private sector, of $250,000,000 or more (adjusted annually for inflation beginning with the year following the date of enactment of the FAA Reauthorization Act of 2024 ) in any year; or (II) is significant. (ii) Significant regulations For purposes of this paragraph, a regulation is significant if the Administrator, in consultation with the Secretary (as appropriate), determines that the regulation— (I) will have an annual effect on the economy of $250,000,000 or more (adjusted annually for inflation beginning with the year following the date of enactment of the FAA Reauthorization Act of 2024 ); (II) raises novel or serious legal or policy issues that will substantially and materially affect other transportation modes