The REG Budgeting Act of 2024 amends the Unfunded Mandates Reform Act of 1995 to create a system of "regulatory budgeting" for federal agencies. Under the bill, the Director of the Office of Management and Budget must set annual limits on the total amount of new costs that federal regulations can impose on state, local, and tribal governments and the private sector, both government-wide and for each individual agency, by September 30 of each year. Congress must approve these limits, and agencies generally cannot finalize rules that would push regulatory costs over the approved cap unless they follow a special notification and justification process, with exceptions for emergencies, criminal law enforcement, national security, or trade agreement implementation. The bill requires OMB to publicly report on these limits and their administration, and requires agencies to disclose in final rules whether they exceed cost limits and why. This legislation primarily affects federal regulatory agencies and would apply immediately upon enactment, aiming to increase congressional oversight and control over the cumulative financial burden of federal regulations on outside parties.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.