The proposed legislation, General Assembly Raised Bill No. 5554, aims to amend the structure and reporting requirements of the Legislative Regulation Review Committee. Key changes include the removal of the requirement for equal representation from major parties in the committee, allowing for appointments to be made in proportion to the number of members from each party in both the House of Representatives and the Senate. The bill also modifies the appointment process by replacing the specific titles of "speaker" and "president pro tempore" with the more general term "appointing authority." Additionally, the requirement that cochairpersons come from alternate parties has been removed, allowing for more flexibility in leadership.

Furthermore, the bill mandates that each agency submit an annual written report regarding the status of their regulatory reviews, starting January 1, 2027. This report will inform the committee of cognizance about the agency's progress and may include a summary of regulations that the agency plans to amend or repeal. The changes are set to take effect on October 1, 2026, and are intended to enhance the efficiency and accountability of the regulatory review process.