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The REG Budgeting Act of 2024 amends the Unfunded Mandates Reform Act of 1995 to establish a regulatory budgeting system. The Director of the Office of Management and Budget (OMB) must set annual limits on the total amount of new unfunded regulatory costs that federal agencies can impose, with both government-wide and agency-specific caps. Agencies must notify OMB before finalizing rules that would exceed their limits, and rules exceeding limits cannot take effect unless Congress approves them, except in cases of emergency, criminal enforcement, national security, or international trade agreements. The bill requires OMB to publish reports on these limits and submit annual reports to Congress on regulatory cost compliance.
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