(E) Methods to oversee the issuance of sig-
nificant regulatory actions offset by cost sav-
ings achieved at different times or by different 
agencies. 
(F) Emergencies and other circumstances 
that may justify individual waivers of the re-
quirements of this section. 
(G) Standards by which the Director will 
determine whether a regulatory action or a col-
lection of regulatory actions qualifies as a sig-
nificant regulatory action. 
(2) UPDATES
TO
GUIDANCE.—The Director 
shall update the guidance issued pursuant to this 
section as necessary. 
SEC. 6. WAIVER. 
(a) WAIVER AUTHORITY.—Upon the written request 
of the head of an agency, the Director may issue a written 
waiver of the requirements of section 3 if the Director de-
termines that the agency generally issues very few or no 
rules. 
(b) REVOCATION OF WAIVER.—The Director may re-
voke at any time a waiver issued under this section. 
(c) PUBLIC AVAILABILITY OF WAIVERS.—The Direc-
tor shall maintain a publicly available list of each agency 
that is operating under a waiver issued under this section. 
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(d) REQUIREMENT FOR WAIVER.—A waiver shall not 
be effective unless the written waiver and the written re-
quest of the agency are publicly available on the website 
of the Office of Management and Budget. 
SEC. 7. DEFINITIONS. 
In this Act: 
(1) AGENCY.—The term ‘‘agency’’ has the 
meaning given that term in section 551 of title 5, 
United States Code. 
(2) COSTS.—The term ‘‘costs’’ means oppor-
tunity cost to society. 
(3) COST SAVINGS.—The term ‘‘cost savings’’ 
means the cost imposed by a regulatory action that 
is eliminated by the repeal, replacement, or modifica-
tion of such regulatory action. 
(4) DEREGULATORY ACTION.—The term ‘‘de-
regulatory action’’ means the repeal, replacement, or 
modification of an existing regulatory action. 
(5) DIRECTOR.—The term ‘‘Director’’ means 
the Director of the Office of Management and Budg-
et. 
(6) INCREMENTAL
REGULATORY
COST.—The 
term ‘‘incremental regulatory cost’’ means the dif-
ference between the estimated cost of issuing a sig-
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nificant regulatory action and the estimated cost 
saved by issuing any deregulatory action. 
(7) REGULATION; RULE.—The term ‘‘regula-
tion’’ or ‘‘rule’’ has the meaning given the term 
‘‘rule’’ in section 551 of title 5, United States Code. 
(8) REGULATORY
ACTION.—The term ‘‘regu-
latory action’’ means— 
(A) any regulation; and 
(B) any other regulatory guidance, state-
ment of policy, information collection request, 
form, or reporting, recordkeeping, or disclosure 
requirements that imposes a burden on the pub-
lic or governs agency operations. 
(9) SIGNIFICANT
REGULATORY
ACTION.—The 
term ‘‘significant regulatory action’’ means any reg-
ulatory action, other than monetary policy proposed 
or implemented by the Board of Governors of the 
Federal Reserve System or the Federal Open Market 
Committee, that is likely to— 
(A) have an annual effect on the economy 
of $100,000,000 or more or adversely affect in 
a material way the economy, a sector of the 
economy, productivity, competition, jobs, the 
environment, public health or safety, or State, 
local, or Tribal governments or communities; 
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(B) create a serious inconsistency or other-
wise interfere with an action taken or planned 
by another agency; 
(C) materially alter the budgetary impact 
of entitlements, grants, user fees, or loan pro-
grams or the rights and obligations of recipi-
ents thereof; or 
(D) raise a novel legal or policy issue. 
(10) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, and 
each territory or possession of the United States. 
Æ 
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