1. Short title This Act may be cited as the Reducing Excessive Government Act of 2017 or the REG Act . 2. Reducing excessive Government (a) Definitions In this section— (1) the term agency has the meaning given the term Executive agency under section 105 of title 5, United States Code; (2) the term amount of the increase in the debt limit means— (A) the dollar amount of the increase in the debt limit specified in the Act increasing the debt limit; or (B) in the case of an Act that provides that the debt limit shall not apply for a period and that the amount of the debt limit is increased at the end of such period, the amount by which the Secretary of the Treasury estimates the debt limit shall be increased at the end of the period of the suspension, which the Secretary shall submit to Congress on the date of enactment of such an Act; (3) the term debt limit means the limitation imposed by section 3101(b) of title 31, United States Code; (4) the term direct cost of Federal regulation means all costs incurred by, and expenditures required of, the Federal Government in issuing and enforcing Federal regulations, rules, statements, and legislation; (5) the term joint resolution means a joint resolution— (A) reported by the Committee on the Budget of the Senate or the House of Representatives in accordance with subsection (d)(3); (B) which does not have a preamble; (C) the title of which is as follows: Joint resolution relating to repeal of costly rules. ; and (D) the matter after the resolving clause of which is as follows: That the following rules shall have no force or effect: _______. , the blank space being filled in with the list of major rules recommended to be repealed under subsection (d) by the committees of the House in which the joint resolution is reported; and (6) the term major rule means any rule that has resulted in or is likely to result in— (A) an annual effect on the economy of $100,000,000 or more