PA HB1601

Defines "economically significant regulation" as any regulation expected to cost the Commonwealth, political subdivisions, or private sector more than $1,000,000 annually, and requires the Independent Fiscal Office (rather than agencies) to prepare cost estimates for proposed regulations.

Requires agencies citing state statutory authority for regulations to reference a statute that explicitly authorizes rulemaking for the specific purpose stated in the regulation; regulations lacking such explicit authority are automatically deemed withdrawn.

Mandates public hearings during the comment period for economically significant regulations and requires all implementation forms to be submitted with the regulatory analysis form.

Extends legislative committee review periods from 14 days to 14 days or six legislative days (whichever is longer), and creates a sequential process where concurrent resolutions blocking regulations must pass one chamber before being transmitted to the other.

Requires economically significant regulations to receive affirmative approval through a concurrent resolution adopted by both chambers and signed by the Governor within specified timeframes; failure to obtain approval means the regulation does not take effect.