1. Short title This Act may be cited as the Independent Agency Regulatory Analysis Act of 2017 . 2. Definitions In this Act— (1) the term Administrator means the Administrator of the Office of Information and Regulatory Affairs; (2) the term agency has the meaning given the term in section 3502(1) of title 44, United States Code; (3) the term economically significant rule means any rule that the Administrator determines is likely to— (A) have an annual effect on the economy of $100,000,000 or more; or (B) 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; (4) the term independent regulatory agency has the meaning given the term in section 3502(5) of title 44, United States Code; and (5) the term rule — (A) means a rule, as that term is defined in section 551 of title 5, United States Code; and (B) does not include a rule of the Board of Governors of the Federal Reserve System or the Federal Open Market Committee relating to monetary policy. 3. Regulatory analysis by independent agencies (a) In general The President may by Executive order require an independent regulatory agency to comply, to the extent permitted by law, with regulatory analysis requirements applicable to other agencies, including the requirements to— (1) identify the problem that the agency intends to address by a new rule (including, where applicable, the failures of private markets or public institutions that warrant new agency action) and assess the significance of that problem; (2) examine whether any existing rule (or other law) has created, or contributed to, the problem that a new rule is intended to correct and whether the existing rule (or other law) should be modified to achieve the intended goal of the new rule more effectively