1. Short title This Act may be cited as the Regulatory Relief Act of 2017 . 2. Purpose It is the policy of the executive branch to 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. Toward that end, it is important that for every one new regulation issued, at least two prior regulations be identified for elimination, and that the cost of planned regulations be prudently managed and controlled through a budgeting process. 3. Regulatory cap (a) In general Unless prohibited by law, whenever an agency publicly proposes for notice and comment or otherwise promulgates a new rule, it shall identify at least two existing rules to be repealed. (b) Incremental cost For each fiscal year, the head of each agency is directed that the total incremental cost of all new rules, including repealed rules, to be finalized that fiscal year shall be no greater than zero, unless otherwise required by law or consistent with advice provided in writing by the Director of the Office of Management and Budget. (c) Offset of new incremental costs In furtherance of the requirement of subsection (a) of this section, any new incremental costs associated with new rules shall, to the extent permitted by law, be offset by the elimination of existing costs associated with at least two prior rules. Any agency eliminating existing costs associated with prior rules under this subsection shall do so in accordance with subchapter II of chapter 5 of title 5, United States Code, and other applicable law. (d) Guidance The Director shall provide the heads of agencies with guidance on the implementation of this section. Such guidance shall address, among other things, processes for standardizing the measurement and estimation of regulatory costs