Significant Regulation Oversight Act of 1996

Significant Regulation Oversight Act of 1996 - Prohibits a significant rule (as so specified or described in the authorizing Act) from taking effect before the enactment of a joint resolution comprised solely of the text of such rule.

Provides that, before a proposed significant rule takes effect as a final rule, the agency proposing the rule shall submit to each House of Congress a report containing a copy of the rule, a concise summary of its purpose and anticipated effects, any cost-benefit analysis prepared for the rule, the specific statutory interpretation under which the rule is proposed, and any other relevant information or executive order.

Bars a court or agency from inferring any intent of the Congress with regard to such a rule or a related statute if it fails to enact a joint resolution approving a proposed significant rule.

Provides for the revision or revocation of an existing rule upon enactment of a joint resolution introduced pursuant to a petition for review signed by 30 Members in the Senate or 120 Representatives in the House and containing the rule affected and the rule as it would exist if the joint resolution were enacted. Sets forth congressional procedures for the introduction, referral, and consideration of such joint resolutions for the approval of significant proposed rules or the review of existing rules.

Exempts from this Act any rule concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.