; (B) operates as a regressive tax on poor and lower-income households; (C) displaces workers into long-term unemployment or lower-paying jobs; (D) adversely affects small businesses, the primary source of new jobs; and (E) impedes the economic growth necessary to provide sufficient funds to meet vital commitments and reduce the Federal debt. (3) Federal agencies do not systematically analyze both the costs and benefits of new regulations or identify and eliminate, minimize, or mitigate excess regulatory costs through post-implementation assessments of their regulations. (4) Agencies too often impose costly regulations without relying on sound science, through the use of agency guidance, judicial consent decrees, and settlement agreements, and through the abuse of high interim compliance costs imposed on regulated entities that bring legal challenges against newly promulgated regulations. (5) Congress lacks an effective mechanism to manage the level of new Federal regulatory costs imposed each year. Other nations, meanwhile, have successfully implemented the use of regulatory budgeting to control excess regulation and regulatory costs. (6) Significant steps have been taken already by President Trump and the 115th Congress, including the imposition of a regulatory pay-as-you-go regimen for new and revised regulations by the Trump Administration and the enactment of 14 measures under the Congressional Review Act that repealed regulations promulgated in the final 60 legislative days of the 114th Congress. (b) Policy on Federal regulatory budgeting and reform It is the policy of this concurrent resolution that the House should, in consultation with the public, consider legislation that— (1) requires the President’s budget submission to include an analysis of the costs of complying with current and proposed regulations; (2) builds the institutional capacity of the Congressional Budget Office to develop a regulatory baseline and estimate regulatory costs