The ERASER Act requires federal agencies to repeal at least three existing regulations before issuing any new regulation, with the goal of reducing overall regulatory burden. For major rules, the requirement is more stringent: agencies must repeal three or more related rules and ensure that the cost of the new regulation does not exceed the combined cost of the rules being repealed, with the Office of Management and Budget certifying this cost comparison. The law applies to any rules that impose costs or responsibilities on businesses, nonprofits, or state and local governments, but excludes rules dealing with agency internal operations or procurement practices. Additionally, the Government Accountability Office must study and report to Congress within one year and every five years thereafter on the total number of active regulations and their estimated economic costs. The bill was introduced in May 2023 and would take effect upon enactment.
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