The Regulation Decimation Act requires federal agencies to repeal at least ten existing regulations before they can issue any new regulation. For major regulations—those with significant economic impact—agencies must repeal at least ten related rules and ensure that the new regulation's costs do not exceed the costs of the rules being eliminated. A cost certification by the Office of Management and Budget is required for major rules. The bill exempts rules related to internal agency operations and revisions that reduce regulatory burden, and applies only to rules that impose costs on businesses, nonprofits, or state and local governments. Within 90 days of enactment, each federal agency must report to Congress and the OMB on which of its existing rules are costly, ineffective, duplicative, or outdated, and the President must submit a progress report five years after enactment summarizing the overall reduction in regulations.
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