This bill mandates that federal agencies publish an advance notice of proposed rulemaking (ANPRM) for all "major rules" at least 90 days before issuing a standard notice of proposed rulemaking. This new requirement aims to foster earlier and more robust public participation in the development of significant regulations. The ANPRM must be published in the Federal Register, providing an initial opportunity for public input on potential regulatory actions.

A "major rule" is specifically defined as one likely to impose an annual economic effect of $100 million or more, or cause a major increase in costs or prices for various sectors. It also includes rules with significant effects on competition, employment, investment, productivity, innovation, health, safety, or the environment. The Administrator of the Office of Information and Regulatory Affairs (OIRA) is tasked with determining whether a rule meets this "major rule" classification.

The advance notice must clearly identify the nature and significance of the problem the agency intends to address, along with any relevant data or categories of data. It also requires a general description of regulatory alternatives under consideration and the legal authority for the potential rule. Agencies must solicit written data, views, and arguments from interested persons, providing a public comment period of not less than 30 days.

The OIRA Administrator can grant exceptions to this ANPRM requirement under specific circumstances, such as when compliance would not serve the public interest or would be duplicative of equally rigorous processes. Exceptions may also be made if compliance is impracticable due to statutory or court-imposed deadlines, or for major rules deemed routine or periodic. Notably, the Administrator's determinations regarding these exceptions are not subject to judicial review, and differences between the ANPRM statement and the subsequent proposed rule are also protected from certain judicial challenges.