ERASER Act

S 1419, the ERASER Act, requires federal agencies to repeal at least three existing regulations before issuing a new rule that affects businesses, states, or local governments. For major rules (those with significant economic impact), agencies must also demonstrate the new rule's cost does not exceed the cost of the repealed rules, with certification from the Office of Management and Budget. The bill applies to rules created through standard notice-and-comment rulemaking but excludes internal agency management rules. It aims to streamline regulations by mandating cost-neutral or cost-reducing rule changes, with the Government Accountability Office required to report on the number and economic cost of existing regulations every five years.