Establishes the regulatory freedom and accountability act.

Suspends certain agency rule making.

Requires agencies, before adoption of a rule, to determine whether compliance with the rule will result in a specified economic impact.

Prohibits agencies from issuing fines or imposing penalties under certain circumstances.

Authorizes the adoption of only rules derived from a specific grant of legislative authority.

Ensures that all laws and rules adopted by the federal and state governments are firmly grounded in their respective constitutions.