A bill to establish a method whereby the Congress (acting in accordance with specified procedures) may prevent the adoption by the executive branch of rules or regulations which are contrary to law or inconsistent with congressional intent or which go beyond the mandate of the legislation which they are designed to implement.

Requires that regulations proposed by a Federal executive agency or independent regulatory body be submitted to Congress. Makes such rule effective 60 legislative days after submission to Congress unless either House adopts a resolution disapproving such regulation.

Sets forth procedures for considering a disapproval resolution by either House.

Makes this Act effective with respect to all regulations promulgated on or after the first day of the first month which begins after the date of enactment of this Act.