; (2) include any existing regulatory action that imposes costs and the repeal or revision of which will produce verified savings; and (3) include meaningful burden reduction through the repeal or streamlining of mandatory reporting, recordkeeping, or disclosure requirements. (e) Guidance Not later than 90 days after the date of the enactment of this Act, the Director shall provide the heads of each agency with additional guidance on the implementation of the requirements in this section, including a reasonable standard or methodology for estimating the reduction in incremental cost achieved by repealing a regulatory action. 8. Waiver Upon the request of an agency head, the Director of the Office of Management and Budget may waive the requirements of section 3 or 4, or both, if the Director determines that the agency generally issues very few or no rules. The Director may revoke such a waiver at any time. The Director shall maintain a publicly available list of each agency that is operating under a waiver issued under this section. A waiver is not in effect unless it is available on the publicly available list. 9. Definitions In this Act: (1) Agency The term agency has the meaning given that term in section 551 of title 5, United States Code. (2) Costs The term costs means opportunity cost to society. (3) Director The term Director means the Director of the Office of Management and Budget. (4) Incremental cost The term incremental cost means, in the case of a rule, the difference between the direct incremental economic benefit to business and the direct incremental economic cost to business. (5) Regulation; rule The term regulation or rule has the meaning given the term rule in section 551 of title 5, United States Code. (6) Regulatory action; significant regulatory action The terms regulatory action and significant regulatory action have the meaning given those terms in Executive Order 12866.