Phase I is a moratorium on all federal rulemaking until June 30. Phase II is legislation to change the regulatory process itself. This "risk bill" introduced would require regulatory agencies to conduct a risk assessment for any proposed new regulations. Any regulation that would cost more than $25 million in compliance costs also would require a cost-benefit analysis. Regulations whose costs outweighed benefits would be withdrawn. According to McIntosh Phase III would require federal agencies to review and revise existing regulations to make it easier for the business community to operate.