This bill amends the Congressional Budget Act of 1974 to broaden the scope of the Act.

Under the Act, the Congressional Budget Office (CBO) must study and report on the impact of federal mandates in legislation and estimate their direct costs to state, local, and tribal governments, and the private sector. This bill requires CBO's estimates to include: (1) costs to state, local, or tribal governments participating in a federal assistance program for carrying out changes in conditions of federal assistance that are proposed by legislation, upon the request of certain members of Congress; (2) indirect costs to the private sector, such as foregone profits and costs passed onto consumers and other entities; and (3) costs of rules issued by independent regulatory agencies, except the Board of Governors of the Federal Reserve System, the Federal Open Market Committee, or the Consumer Financial Protection Bureau.

In addition, Congress may raise a substantive point of order when considering legislation that would increase the direct cost of private sector mandates beyond certain limits.

The bill amends the Unfunded Mandates Reform Act of 1995, including by: (1) transferring certain responsibilities from the Office of Management and Budget to the Office of Information and Regulatory Affairs, (2) establishing criteria to guide agencies in assessing the effects of federal regulatory actions, (3) revising requirements for agency statements accompanying significant regulatory actions, (4) requiring agencies to develop a process that allows impacted private sector parties to provide input on regulatory proposals containing significant federal mandates, and (5) requiring agencies to conduct a retrospective analysis of an existing regulation upon the request of certain members of Congress.