A.The Legislative Office of Fiscal Transparency (LOFT) shall provide independent and reliable economic analysis to assist the Legislature in reviewing proposed administrative rules of state agencies classified as major rules pursuant to the Administrative Procedures Act. Unless otherwise approved by the President Pro Tempore of the Senate and the Speaker of the House of Representatives, the duties prescribed by this section shall be accomplished within the existing full-time-employee count of LOFT. B.
1.Within twenty-one (21) calendar days of receiving a proposed rule and its supporting documents, LOFT shall analyze whether the proposing agency has complied with the requirements of Section 303 of Title 75 of the Oklahoma Statutes. LOFT shall assess whether the proposed rule could result
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A. The Legislative Office of Fiscal Transparency (LOFT) shall provide independent and reliable economic analysis to assist the Legislature in reviewing proposed administrative rules of state agencies classified as major rules pursuant to the Administrative Procedures Act. Unless otherwise approved by the President Pro Tempore of the Senate and the Speaker of the House of Representatives, the duties prescribed by this section shall be accomplished within the existing full-time-employee count of LOFT. B. 1. Within twenty-one (21) calendar days of receiving a proposed rule and its supporting documents, LOFT shall analyze whether the proposing agency has complied with the requirements of Section 303 of Title 75 of the Oklahoma Statutes. LOFT shall assess whether the proposed rule could result in implementation and compliance costs of more than One Million Dollars ($1,000,000.00) over the initial five-year period after implementation. 2. The reporting requirements of this section shall not be construed to prevent the approval and promulgation of emergency rules pursuant to Section 253 of Title 75 of the Oklahoma Statutes. C. 1. LOFT shall furnish a report on each major rule to the chairs of the committees designated by the President Pro Tempore of the Senate and the Speaker of the House of Representatives by the end of the twenty-first calendar day after its submission. 2. LOFT shall inform the chairs of the designated committees if the rule impact statement from the agency is incomplete or contains substantive inaccuracies. D. If a chair of a committee designated under subsection C of this section reasonably believes that the provisions of a proposed nonmajor rule may constitute designation as a major rule, the chair may request that LOFT analyze the rule pursuant to the provisions of this section. E. State agencies shall cooperate fully with LOFT and the Legislature in providing data, documentation, and analysis required under this act. F. LOFT shall make all analyses and determinations publicly available on its website upon completion. G. An annual report summarizing the year’s evaluations and findings shall be submitted electronically to the Governor, the President Pro Tempore of the Senate, and the Speaker of the House of Representatives and shall be published on LOFT’s website. Within the annual report, LOFT shall quantify the impact of its work, including reductions in regulations, cost savings, and other measurable benefits to the economy.