Lessening Regulatory Costs and Establishing a Federal Regulatory Budget Act of 2017

[AI summary unavailable — showing source text] Lessening Regulatory Costs and Establishing a Federal Regulatory Budget Act of 2017 This bill requires federal agencies to: (1) designate regulatory reform officers to oversee reduction, cost control, planning, review, and termination of regulatory programs; and (2) establish task forces to recommend, within a five-year period, the repeal or amendment of regulations that eliminate or inhibit jobs, impose costs exceeding benefits, create inconsistency, interfere with regulatory reform, are inconsistent with Paperwork Reduction Act guidelines, were made to implement executive orders or presidential directives subsequently rescinded or modified, or are outdated, unnecessary, or ineffective. Any new incremental cost of a new significant regulatory action must be offset by the elimination of existing costs associated with at least two prior regulatory actions. The Office of Management and Budget (OMB) must set a net amount of incremental costs allowed for each agency in issuing new significant regulatory actions and repealing regulatory actions for the each fiscal year. If an agency does not exhaust all the incremental cost allowance for a fiscal year, that remaining balance may be incl…