HB 72 is modeled after the Federal REINS Act (Regulations from the Executive in Need of Scrutiny). In this version, the General Assembly must approve all regulations with economic costs over $1 million for the legislation to go into effect. For example, suppose the Independent Regulatory Review Commission (IRRC) approves a regulation. In that case, this approval must also pass through the House and Senate. If a resolution is reported, either chamber will have 30 days to adopt the resolution. If the committee intends on further reviewing the final form, the commission is granted 14 days to approve or disapprove. If a conclusion is reached before the 30-day or 14-day process, the regulation will be passed to the other chamber.  During the final-form or final-omitted regulation process, both House and Senate committees must approve the concurrent resolution and adopted by the General Assembly via a final vote within 60 days. The Governor would then approve or veto. If vetoed, the General Assembly has the override if granted by a two-thirds vote in both chambers.