Truth in Regulating Act of 1999

Truth in Regulating Act of 1999 - Allows the Comptroller General, when a Federal agency develops or issues an economically significant rule, to review the rule at the request of a committee of either House of Congress. Defines "economically significant rule" to mean any proposed or final rule, including an interim or direct final rule, that may have an annual effect on the economy of $100 million 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. Requires the Comptroller General to submit a report on each rule reviewed, including an independent analysis of the costs and benefits, alternative approaches, impact on State and local governments, and differences from the agency's analyses. Grants the Comptroller General discretion to develop procedures for determining the priority and number of requests for review.

Authorizes appropriations for FY 2000 through 2002.

Provides for the pilot project established under this Act to continue for a three-year period, if specified appropriations are provided. Requires the Comptroller General to report to Congress on such project's effectiveness and on whether it should be authorized permanently.