Creates New York state regulatory review council; expands scope of regulatory impact statements

Expands requirements for regulatory impact statements to include discussion of potential benefits and cost savings; creates New York state regulatory review council to review every promulgation, repeal or amendment of every rule or regulation; provides that no new rule, unless critical to health, safety, or welfare, may become effective without the approval of the council; provides for the procedures of the council; provides for an annual report by the council on its actions.