US SB4151

Defines "major rule" as any regulation with $100,000,000+ annual economic impact (adjusted for inflation every 5 years), major cost increases for consumers or governments, or significant adverse effects on competition, employment, or U.S. business competitiveness

Requires federal agencies to prepare and publish initial and final regulatory impact analyses in the Federal Register for all major rules, including quantified cost-benefit analyses and assessment of effects on job creation/loss

Mandates agencies select the regulatory alternative that maximizes net benefits, with exceptions requiring approval from the Office of Information and Regulatory Affairs Administrator

Extends requirements to independent regulatory agencies (previously exempt) while exempting Federal Reserve monetary policy rules

Creates judicial review allowing aggrieved persons to challenge major rules in court for noncompliance with analysis requirements, with provisions taking effect 120 days after enactment