(

a) If the state board initiates a regulatory process to update the market-based compliance mechanism, consistent with

Section 38562, that is expected to be a major regulation as defined in

Section 11342.548 of the Government Code, the chairperson of the state board shall present to the Joint Legislative Committee on Climate Change Policies and other relevant policy committees of the Legislature on the current state of the market-based compliance mechanism and provide the rationale for updating the market-based compliance mechanism, including the specific issues that the update is meant to address. The presentation by the chairperson of the state board pursuant to this

section shall satisfy the requirements of subdivision (

b) of

Section 9147.10 of the Government Code and subdivision (

b) of

Section of this code for the year in which the presentation occurs. (

b) The state board shall transmit the economic analyses required by

Chapter 3.5 (commencing with

Section 11340) of Part of Division of Title of the Government Code for a regulatory process subject to subdivision (

a) to the Joint Legislative Committee on Climate Change Policies and the relevant budget subcommittees. Within days of that transmittal, if requested by the chair of the Joint Legislative Committee on Climate Change Policies or the chairs of the relevant policy committees or budget subcommittees of the Legislature, the chairperson of the state board shall make themselves available for a hearing on the proposed regulatory amendments. (

c) The state board shall transmit to the Joint Legislative Committee on Climate Change Policies and other relevant policy committees of the Legislature the public agenda, when it is available, for the board meeting at which the amendments for a rulemaking under the regulatory process subject to subdivision (

a) will be considered by the state board. If requested by the chair of the Joint Legislative Committee on Climate Change Policies or the chairs of the relevant policy committees or budget subcommittees of the Legislature, the chairperson of the state board shall make themselves available for a hearing on the amendments. (

d) The legislative hearings and notifications in this

section shall not delay the state board’s rulemaking process pursuant to

Chapter 3.5 (commencing with

Section 11340) of Part of Division of Title of the Government Code. (

e) This

section shall remain in effect only until January 1, 2046, and as of that date is repealed.