; (B) a major increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies, or geographic regions; or (C) significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets. (b) Reductions in regulatory cost Not later than 60 days after the date on which the debt limit is increased or a suspension of the debt limit takes effect, Congress shall enact legislation eliminating rules that results in a reduction of the direct cost of Federal regulation during the 10-fiscal-year period beginning with the next full fiscal year by not less than 15 percent of the amount of the increase in the debt limit. (c) Action by agencies (1) Identification of major rules If the amount of the debt limit is increased or a suspension of the debt limit takes effect, each agency shall submit to the Senate, the House of Representatives, and the Comptroller General of the United States a report identifying each major rule of the agency, as determined by the head of the agency. (2) Certification by GAO After receipt of all reports required under paragraph (1), the Comptroller General of the United States shall submit to the Senate and the House of Representatives a report evaluating whether agencies appropriately identified major rules under paragraph (1), including whether the agencies identified major rules in accordance with Office of Management and Budget Circular A–4, or any successor thereto. (d) Action by committees (1) In general Each committee of the Senate and the House of Representatives shall submit to the Committee on the Budget of its House a list of the major rules that— (A) are within the jurisdiction of the committee, which may include major rules identified in the report of an agency under subsection (c)(1)