To amend title 5, United States Code, to decrease the annual effect on the economy that a rule must have to be a major rule from $100,000,000 to $50,000,000 for the purpose of increasing the number of rules for which Congress can use the resolution of disapproval procedure to disapprove a major rule, and for other purposes.

Amends the definition of "major rule" for purposes of provisions relating to congressional review of such a rule to reduce from $100 million to $50 million the annual effect which a major rule must have on the economy before it is subject to review.

Modifies the definition of "significant regulatory action" under Executive Order 12866, relating to regulatory planning and review, to reduce from $100 million to $50 million the amount of the annual effect on the economy which a regulatory action must have before it is deemed significant.