This bill requires federal agencies to assess whether their major regulations have significant economic impact and, if so, to identify and eliminate existing rules to offset the new costs. Before issuing a major rule (generally those costing the economy $100 million or more annually or causing substantial economic effects), agency heads must estimate the rule's cost and repeal other rules to make the new one "budget neutral"—meaning the costs eliminated equal the costs imposed. Each major rule published in the Federal Register must include a statement declaring whether it is budget neutral. The bill applies to all federal agencies and broadly defines "rules" to include guidance documents and interpretative rules, though it excludes rules about individual cases, internal agency management, and procedural matters. The legislation does not specify a timeline for implementation or provide dedicated funding, leaving compliance to existing agency resources.
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