Contents: (1) Introduction; (2) Overview of Statute and Regulation: Statute; Regulation; (3) Implementation; Policy Issues: Adequacy of Funds; Federal Preemption of State Activities; Transparency of Process; Definition of Chemical Facility; Inherently Safer Technologies; (5) Policy Options: (a) Maintain the Existing Regulatory Framework: Extend the Sunset Date; Codify Existing Regulations; (b) Alter the Existing Statutory Authority: Accelerate or Decelerate Compliance Activities; Incorporate Additional Facility Types; Consider Inherently Safer Technologies; Modify Information Security Provisions; Preempt State Regulations; (6) Legislation in the 111th Congress: Extend the Existing Authority; Modify the Existing Authority.