This legislation would require the Office of Management and Budget (OMB) to provide Congress with a report on the total annual benefits and costs of federal regulatory programs each year, along with recommendations for improving them; and would require the OMB to analyze the impact of federal rules on small businesses, the private sector, government, wages and economic growth.

S. 59, introduced by Chairman Thompson, Senator John Breaux (D-LA) and Senate Majority Leader Trent Lott (R-MS) on January 19, 1999, is co-sponsored by the following Senators.

On September 16, 1999, Congress again approved Chairman Thompson's reporting requirement for the Federal Government to disclose the costs and benefits of its regulations.  His provision was included in the Fiscal Year 2000 Treasury-Postal Appropriations Conference Report which was signed by the President on September 29, 1999.  S. 59 would make this requirement permanent.

The House companion bill, H.R. 1074, which was introduced by Congressman Tom Bliley (R-VA) on March 11, 1999, was passed by the House of Representatives on July 26, 1999 by a vote of 254-157.