Requires each federal agency to establish a plan for the periodic review (every nine years) of: (1) its rules that have a significant economic impact on a substantial number of small entities, and (2) any small entity compliance guide required to be published by an agency. Sets forth criteria for review of a rule, including the continued need for the rule, the complexity of the rule, and the economic impact of the rule on small entities. Requires: (1) each agency to publish in the Federal Register and on the agency website a list of the rules and small entity compliance guides to be reviewed under the plan, and (2) the agency Inspector General to determine whether the agency has conducted the required review.

Provides that each covered rule (i.e., any rule for which an agency is required to prepare a regulatory flexibility analysis and which is a major rule) promulgated by an agency shall cease to have effect seven years after the final version of such rule is published unless renewed by the agency using the notice and comment rulemaking process.