This bill prohibits a federal agency from issuing a rule that causes a new financial or administrative burden on businesses or people in the United States unless the agency has repealed or amended two or more existing rules causing such a burden and the cost of the rule to be issued is less than or equal to that of the rules repealed or amended. The bill exempts a 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.

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become obsolete, or overlaps with a rule to be issued; (2) any adverse effects that could materialize if the rule is repealed; and (3) whether the costs of the rule outweigh its benefits.

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