; and emergencies and other circumstances that might justify individual waivers of the requirements of this section. The Director shall consider phasing in and updating these requirements. 4. Annual regulatory cost submissions to the Office of Management and Budget (a) In general Beginning with the Regulatory Plans (required under Executive Order 12866 of September 30, 1993, as amended, or any successor order) for fiscal year 2018, and for each fiscal year thereafter, the head of each agency shall identify, for each rule that increases incremental cost, the offsetting rules described in section 2(c), and provide the agency’s best approximation of the total costs or savings associated with each new rule or repealed rule. (b) Inclusion in the Unified Regulatory Agenda Each rule approved by the Director during the Presidential budget process shall be included in the Unified Regulatory Agenda required under Executive Order 12866, as amended, or any successor order. (c) Limitation on issuance Unless otherwise required by law, no rule shall be issued by an agency if it was not included on the most recent version or update of the published Unified Regulatory Agenda as required under Executive Order 12866, as amended, or any successor order, unless the issuance of such rule was approved in advance in writing by the Director. (d) Total incremental cost During the Presidential budget process, the Director shall identify to agencies a total amount of incremental costs that will be allowed for each agency in issuing new rules and repealing rules for the next fiscal year. No rules exceeding the agency’s total incremental cost allowance will be permitted in that fiscal year, unless required by law or approved in writing by the Director. The total incremental cost allowance may allow an increase or require a reduction in total regulatory cost. (e) Guidance The Director shall provide the heads of agencies with guidance on the implementation of the requirements in this section. 5. Definition For purposes of this Act the term rule