The Regulation Reduction Act of 2023 requires federal agencies to repeal existing regulations before they can issue new ones. For standard regulations, agencies must first repeal at least two related rules, while for major regulations they must repeal at least three related rules and ensure the cost of the new regulation does not exceed the cost of those being eliminated. The bill applies to regulations that impose costs or responsibilities on businesses, non-profits, and state or local governments, though it excludes rules affecting only internal agency operations and regulations being revised to reduce burden. Within 90 days of enactment, each federal agency must submit a report to Congress identifying which of its existing rules are costly, ineffective, duplicative, or outdated. The legislation affects all federal regulatory agencies and aims to reduce overall regulatory burden through this repeal-before-issuance approach.