SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restoring Economic Certainty Act of 
2011''.

SEC. 2. MORATORIUM ON REGULATIONS AND RULES.

    Until the end of the moratorium period, a Federal agency may not 
take any rulemaking action unless an exception is provided under 
section 5.

SEC. 3. REQUIREMENTS RELATING TO ECONOMIC IMPACT STATEMENTS.

    (a) Economic Impact Statements on Pending Rulemaking Actions.--Not 
later than 30 days after the date of the enactment of this Act, each 
Federal agency shall begin to prepare an economic impact statement on 
each rulemaking action of the agency that was proposed but not 
promulgated before the start of the moratorium period. Not later than 
12 months after the start of the moratorium period, each Federal agency 
shall submit to the appropriate Congressional committees the economic 
impact statements relating to all such pending rulemaking actions of 
the agency.
    (b) Economic Impact Statements on Rulemaking Actions Following 
Moratorium.--After the moratorium period, any rulemaking action shall 
include an economic impact statement.
    (c) Definition.--In this Act, the term ``economic impact 
statement'' means a statement from a Federal agency, certified by the 
Director of the Office of Management and Budget, that contains a 
detailed estimate of the total annual costs and benefits of a 
regulation or rule, including the anticipated net impact of the 
regulation or rule on employment.

SEC. 4. SPECIAL RULE ON STATUTORY, REGULATORY, AND JUDICIAL DEADLINES.

    (a) In General.--Any deadline for, relating to, or involving any 
action dependent upon, any rulemaking actions authorized or required to 
be taken before the end of the moratorium period is extended for 5 
months or until the end of the moratorium period, whichever is later.
    (b) Deadline Defined.--The term ``deadline'' means any date certain 
for fulfilling any obligation or exercising any authority established 
by or under any Federal statute or regulation or rule, or by or under 
any court order implementing any Federal statute or regulation or rule.
    (c) Identification of Postponed Deadlines.--Not later than 30 days 
after the date of the enactment of this Act, the President shall 
identify and publish in the Federal Register a list of deadlines 
covered by subsection (a).

SEC. 5. EMERGENCY EXCEPTIONS; EXCLUSIONS.

    (a) Emergency Exception.--Section 3(a) or 4(a), or both, shall not 
apply to a rulemaking action if--
            (1) the head of a Federal agency otherwise authorized to 
        take the action submits a written request to the Administrator 
        of the Office of Information and Regulatory Affairs within the 
        Office of Management and Budget and submits a copy thereof to 
        the appropriate committees of each House of the Congress;
            (2) the Administrator of the Office of Information and 
        Regulatory Affairs within the Office of Management and Budget 
        finds in writing that a waiver for the action is (A) necessary 
        because of an imminent threat to health or safety or other 
        emergency, or (B) necessary for the enforcement of criminal 
        laws; and
            (3) the Federal agency head publishes the finding and 
        waiver in the Federal Register.
    (b) Exclusions.--The head of an agency shall publish in the Federal 
Register any action excluded because of a certification under section 
6(3)(B).
    (c) Civil Rights Exception.--Section 3(a) or 4(a), or both, shall 
not apply to a rulemaking action to establish or enforce any statutory 
rights against discrimination on the basis of age, race, religion, 
gender, national origin, or handicapped or disability status except 
such rulemaking actions that establish, lead to, or otherwise rely on 
the use of a quota or preference based on age, race, religion, gender, 
national origin, or handicapped or disability status.

SEC. 6. DEFINITIONS.

    In this Act:
            (1) Federal agency.--The term ``Federal agency'' means any 
        executive department, military department, Government 
        corporation, Government-controlled corporation, or other 
        establishment in the executive branch of the Government 
        (including the Executive Office of the President), or any 
        independent regulatory agency, but does not include--
                    (A) the General Accounting Office;
                    (B) the Federal Election Commission;
                    (C) the governments of the District of Columbia and 
                of the territories and possessions of the United 
                States, and their various subdivisions;
                    (D) Government-owned contractor-operated 
                facilities, including laboratories engaged in national 
                defense research and production activities;
                    (E) the Board of Governors of the Federal Reserve 
                System; or
                    (F) the Federal Deposit Insurance Corporation.
            (2) Moratorium period.--The term ``moratorium period'' 
        means the two-year period beginning on the date occurring 30 
        days after the date of the enactment of this Act.
            (3) Regulation or rule.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the term ``regulation or rule'' means an agency 
                statement of general applicability and future effect, 
                which the agency intends to have the force and effect 
                of law, that is designed to implement, interpret, or 
                prescribe law or policy or to describe the procedure or 
                practice requirements of an agency.
                    (B) Exceptions.--The term ``regulation or rule'' 
                does not include any of the following:
                            (i) Regulations or rules that pertain to a 
                        military or foreign affairs function of the 
                        United States other than procurement 
                        regulations and regulations involving the 
                        import or export of non-defense articles and 
                        services.
                            (ii) Regulations or rules that are limited 
                        to agency organization, management, or 
                        personnel matters.
                            (iii) Regulations or rules that the 
                        Administrator of the Office of Information and 
                        Regulatory Affairs within the Office of 
                        Management and Budget certifies in writing are 
                        limited to repealing an existing regulation or 
                        rule.
                            (iv) Regulations or rules that pertain to 
                        aviation safety.
                            (v) Regulations or rules that grant an 
                        application for licenses, registrations, or 
                        similar authorities; grant or recognize 
                        exemptions; grant a variance or petition for 
                        relief from a regulatory requirement or other 
                        action relieving a restriction; or any action 
                        necessary to permit new or improved 
                        applications of technology or allow the 
                        manufacture, distribution, sale, or use of a 
                        substance or product.
            (4) Rulemaking action.--The term ``rulemaking action'' 
        means the formulation, amendment, or repeal of a regulation or 
        rule by a Federal agency.
            (5) License.--The term ``license'' means the whole or part 
        of an agency permit, certificate, approval, registration, 
        charter, membership, statutory exemption, or other form of 
        permission.
            (6) Imminent threat to health or safety.--The term 
        ``imminent threat to health or safety'' means the existence of 
        any condition, circumstance, or practice reasonably expected to 
        cause death, serious illness, or severe injury to humans, or 
        substantial endangerment to private property during the 
        moratorium period.

SEC. 7. LIMITATION ON CIVIL ACTIONS.

    No private right of action may be brought against any Federal 
agency for a violation of this Act. This prohibition shall not affect 
any private right of action or remedy otherwise available under any 
other law.
Restoring Economic Certainty Act of 2011 - Prohibits federal agencies from taking any rulemaking action during the two-year period beginning 30 days after enactment of this Act. Extends any deadline for any action authorized or required to be taken before the end of such moratorium period for five months or until the end of the period, whichever is later. Specifies exceptions, including for actions that: (1) are determined to be necessary because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, or to establish or enforce statutory rights against discrimination; or (2) pertain to a military or foreign affairs function other than procurement or to aviation safety.

Requires each federal agency to submit an economic impact statement, which shall contain a detailed estimate of the total annual costs and benefits of a regulation or rule, including the anticipated net impact on employment, on each rulemaking action that was proposed but not promulgated before the start of such moratorium. Requires any rulemaking action after the moratorium ends to include such a statement.

Exempts: (1) the General Accounting Office (GAO); (2) the Federal Election Commission (FEC); (3) the governments of the District of Columbia and of U.S. territories and possessions; (4) government-owned contractor-operated facilities; (5) the Board of Governors of the Federal Reserve System; and (6) the Federal Deposit Insurance Corporation (FDIC).
To ensure economy and efficiency of Federal Government operations by establishing a moratorium on rulemaking actions, and for other purposes.