Synopsis As Introduced Provides that all agencies, boards, commissions, and authorities of the Executive Branch under the jurisdiction of the Governor ("agencies") shall review their administrative rules and policies ("regulations"). Provides that an agency, in its review, shall ensure that current and new regulations meet specified criteria. Provides that each agency shall complete its review by May 1, 2017 and provide the Competitiveness Council with quarterly reports until the review is complete. Provides that a current or proposed regulation that does not meet the criteria should be revised or repealed. Provides that, upon completion of its review, an agency shall submit all revisions and repeals of administrative rules to the Joint Committee on Administrative Rules and the Secretary of State in accordance with the Illinois Administrative Procedure Act. Provides that, for any internal agency policy not required by the Illinois Administrative Procedure Act to be submitted to the Joint Committee on Administrative Rules and the Secretary of State, the agency shall promptly process revisions in accordance with agency procedure. Provides that each agency shall solicit public feedback on rule revisions via an online Red Tape Reduction Portal and post regulations submitted to the Joint Committee on Administrative Rules on the Portal. Urges all other State agencies to conduct a similar review. Creates the Illinois Competitiveness Council to oversee the agency review of regulations. Sets forth the duties and membership of the Council. Contains provisions regarding: severability; savings; and prior executive orders. Effective immediately.