The proposed bill establishes the "Rhode Island Regulations from the Executive In Need of Scrutiny Act" (RI REINS Act) to ensure accountability, transparency, and democratic oversight of administrative rulemaking. It requires that any proposed regulation by executive agencies that is estimated to have implementation or compliance costs of one million dollars ($1,000,000) or more over a two-year period must receive affirmative legislative approval before it can take effect.

The bill mandates that agencies prepare an economic impact analysis quantifying the projected costs of implementation and compliance prior to submitting any proposed regulation to the rulemaking process. This analysis must be submitted to the house and senate committees on finance for review.

If the economic impact analysis indicates that the proposed regulation is a major regulation, the agency cannot adopt or implement it until the General Assembly passes a legislative approval resolution specifically authorizing the regulation. The agency is required to transmit the proposed major regulation and its economic impact analysis to the Secretary of State, who will refer it to the General Assembly for consideration. A major regulation will remain ineffective and unenforceable until a legislative approval resolution has passed both chambers of the General Assembly and is presented to the Governor for signature or otherwise becomes law.

The act allows for emergency regulations necessary for public health, safety, or welfare to be promulgated without prior legislative approval, but such regulations must be submitted to the General Assembly within thirty (30) days and will expire after ninety (90) days unless expressly ratified by the legislature. Additionally, regulations that are expressly required by federal law, federal court order, or state constitutional mandate are exempt from the requirements of this chapter.

Agencies are required to include a summary of all proposed regulations subject to this chapter, including cost analyses and approval status, with each annual regulatory agenda. The provisions of this chapter will be reviewed by the house and senate committees on judiciary and government oversight every five (5) years. The act will take effect upon passage.