Changes the name of the office of regulatory assistance to the office for regulatory innovation and assistance.

Requires the office to develop a long-term strategy for identifying and prioritizing multiagency regulatory processes that can be streamlined through better coordination.

Requires the long-term strategy to be based on the potential for mutual benefits for industry and the public, as determined by a group made up of representatives from businesses, state agencies, local governments, tribal governments, and other relevant stakeholders consulting with the office.