Prohibits a federal agency from issuing a covered rule (a rule that causes a new financial or administrative burden on businesses or people in the United States) that either amends or modifies an existing agency rule or does not amend or modify an existing rule unless the agency has repealed one or more existing covered rules and the cost of the rule to be issued is less than or equal to that of the covered rules repealed. Exempts a covered rule that: (1) relates to the internal policy or practice of, or procurement by, the agency; or (2) is being revised to be less burdensome by decreasing requirements imposed by, or compliance costs of, the rule.

Prohibits any statutory pay adjustment from taking effect for any employee of an agency during any period during which the agency is not in compliance with such requirement.

Directs an agency, in determining whether to repeal a covered rule, to consider: (1) whether the rule has achieved its purpose, has become obsolete, or overlaps with a covered rule to be issued; (2) any adverse effects that could materialize if the rule is repealed; and (3) whether the costs of the rule outweigh it benefits.

Requires each agency, semiannually, to submit to the Office of Information and Regulatory Affairs for publication in the Unified Agenda a list containing each covered rule the agency intends to issue, repeal, or amend during the following six months and the cost of each such rule.