at least two prior regulatory actions. To the extent feasible, the two prior regulatory actions shall be eliminated before or on the same schedule as the new significant regulatory action. Any savings of the two eliminated regulatory actions shall offset the costs of the new significant regulatory action. (d) Guidance by OMB (1) In general Not later than 90 days after the date of the enactment of this Act, the Director shall establish and issue guidance on how to comply with the requirements of this section. Such guidance shall include the following: (A) A process for standardizing the measurement and estimation of regulatory costs. (B) Standards for determining what qualifies as new and offsetting regulatory actions. (C) Standards for determining the costs of existing regulatory actions that are considered for elimination. (D) A process for accounting for costs in different fiscal years. (E) Methods to oversee the issuance of significant regulatory actions with costs offset by savings at different times or different agencies. (F) Emergencies and other circumstances that might justify individual waivers of the requirements of this section. (2) Update to guidance The Director shall update the guidance issued pursuant to this section as necessary. 7. Annual regulatory cost submission to the Office of Management and Budget (a) Annual regulatory plan The head of each agency shall submit an annual regulatory plan to the Director, which shall include a list of the following: (1) Each new regulation to be finalized or proposed by the agency during that fiscal year. (2) The incremental cost associated with each regulation to be proposed or finalized by the agency during that fiscal year. (3) For each significant regulatory action to be proposed or finalized by the agency during that fiscal year— (A) any regulatory action identified for repeal to offset the incremental cost of such significant regulatory action pursuant to section 4(c)