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The 2 for 1 Act would require federal agencies to repeal at least two existing rules whenever they propose a new rule, with the goal of keeping the overall regulatory costs to private businesses at zero or below. The bill codifies a policy from a previous executive order, making it permanent law and requiring the Office of Management and Budget to provide guidance on how agencies should measure and compare regulatory costs. Agencies would need to include their planned rules in the Unified Regulatory Agenda and get approval from the OMB Director if they want to exceed their assigned cost allowance, though rules required by law or involving military, national security, or foreign affairs would be exempt from these requirements. The OMB Director would have 90 days after enactment to issue implementation guidance to all agencies, and would set annual limits on how much new regulatory cost each agency could impose. This legislation would fundamentally reshape how federal agencies develop new regulations by prioritizing the elimination of existing rules before adding new ones.

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