1. Short title This Act may be cited as the Regulatory Responsibility for our Economy Act of 2017 . 2. Definitions In this Act— (1) the term agency means— (A) an agency, as defined in 3502(1) of title 44, United States Code; and (B) an independent regulatory agency, as defined in section 3502(5) of title 44, United States Code; (2) the term regulation — (A) means an agency statement of general applicability and future effect, which the agency intends to have the force and effect of law, that is designed to implement, interpret, or prescribe law or policy or to describe the procedure or practice requirements of an agency; and (B) does not include— (i) regulations issued in accordance with the formal rule making provisions of sections 556 and 557 of title 5, United States Code; (ii) regulations that pertain to a military or foreign affairs function of the United States, other than procurement regulations and regulations involving the import or export of non-defense articles and services; or (iii) regulations that are limited to agency organization, management, or personnel matters; (3) the term regulatory action means any substantive action by an agency (normally published in the Federal Register) that promulgates or is expected to lead to the promulgation of a final regulation, including notices of inquiry, advance notices of proposed rulemaking, and notices of proposed rulemaking; and (4) the term significant regulatory action means any regulatory action that is likely to result in a regulation that may— (A) have an annual effect on the economy of $100,000,000 or more or adversely affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities; (B) create a serious inconsistency or otherwise interfere with an action taken or planned by another agency