1. Short title; table of contents (a) Short title This Act may be cited as the Lessening Regulatory Costs and Establishing a Federal Regulatory Budget Act of 2017 . (b) Table of contents The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Sense of Congress; purpose. Sec. 3. Regulatory reform officers. Sec. 4. Regulatory reform task forces. Sec. 5. Accountability. Sec. 6. Regulatory cap. Sec. 7. Annual regulatory cost submission to the Office of Management and Budget. Sec. 8. Waiver. Sec. 9. Definitions. 2. Sense of Congress; purpose (a) Sense of Congress It is the sense of Congress that the Federal Government should be prudent and financially responsible in the expenditure of funds, from both public and private sources. In addition to the management of the direct expenditure of taxpayer dollars through the budgeting process, it is essential to manage the costs associated with the governmental imposition of private expenditures required to comply with Federal regulations. (b) Purpose The purpose of this Act is— (1) to remove unnecessary and outdated regulations when a new significant regulation is issued; and (2) to prudently manage and control the cost of planned regulations through an annual budgeting process. 3. Regulatory reform officers (a) In general Except as provided for under section 8, not later than 60 days after the date of the enactment of this Act, the head of each agency shall designate an employee or officer of the agency as the Regulatory Reform Officer (in this Act referred to as the agency RRO ). Each RRO shall oversee the implementation of regulatory reform initiatives and policies for the agency to ensure that the agency effectively carries out regulatory reforms, consistent with applicable law. These initiatives and policies include the following: (1) Executive Order 13771 (82 Fed. Reg. 9339