1. Short title This Act may be cited as the Regulatory Accountability Act of 2017 . 2. Definitions Section 551 of title 5, United States Code, is amended— (1) in paragraph (5), by striking rule making and inserting rulemaking ; (2) in paragraph (6), by striking rule making and inserting rulemaking ; (3) in paragraph (13), by striking and at the end; (4) in paragraph (14), by striking the period at the end and inserting a semicolon; and (5) by adding at the end the following: (15) guidance means an agency statement of general applicability, other than a rule, that— (A) is not intended to have the force and effect of law; and (B) sets forth a policy on a statutory, regulatory, or technical issue or an interpretation of a statutory or regulatory issue; (16) high-impact rule means any rule that the Administrator determines is likely to cause an annual effect on the economy of $1,000,000,000 or more, adjusted once every 5 years to reflect increases in the Consumer Price Index for All Urban Consumers, as published by the Bureau of Labor Statistics of the Department of Labor; (17) major guidance means guidance that the Administrator finds is likely to lead to— (A) an annual effect on the economy of $100,000,000 or more, adjusted once every 5 years to reflect increases in the Consumer Price Index for All Urban Consumers, as published by the Bureau of Labor Statistics of the Department of Labor; (B) a major increase in costs or prices for consumers, individual industries, Federal, State, local, or tribal government agencies, or geographic regions; or (C) significant adverse effects on competition, employment, investment, productivity, innovation, public health and safety, or the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets