A resolution to amend the Standing Rules of the Senate to require that a financial impact statement be included in the report accompanying each bill or joint resolution reported by any committee (except those by the Committee on Appropriations), showing the financial impact that any Federal mandates in the bill or joint resolution would have on States and local governments.

Amends rule XXVI of the Standing Rules of the Senate to require each report accompanying a bill or joint resolution reported by a committee (except the Committee on Appropriations) to contain: (1) an evaluation of the financial impact that Federal mandates in the bill or resolution would have on State and local governments; or (2) in lieu of such evaluation, a statement of the reasons why compliance with such requirement is impracticable.