REG Budgeting Act of 2024

HR 7867, the REG Budgeting Act of 2024, establishes annual budget limits on "unfunded regulatory costs" that federal agencies can impose on state/local governments or businesses through new rules. The Office of Management and Budget (OMB) must set these limits by September 30 each year, requiring agencies to seek congressional approval before finalizing rules that exceed their allocated limit. Agencies must also submit detailed justifications and report on cost overruns to Congress and publish notices with specific cost impact statements. This bill directly affects all federal agencies issuing regulations with cost implications for external entities, adding new transparency and approval steps to the rulemaking process.