; or (2) the issuance of the significant regulatory action was approved in advance in writing by the Director and the written approval is publicly available online prior to the issuance of such significant regulatory action. (d) Guidance by OMB (1) In general Not later than 90 days after the date of the enactment of this Act, the Director shall establish and issue guidance on how agencies should comply with the requirements of this section. Such guidance shall include the following: (A) A process for standardizing the measurement and estimation of regulatory costs, including cost savings associated with deregulatory actions. (B) Standards for determining what qualifies as a deregulatory action. (C) Standards for determining the costs of existing regulatory actions that are considered for repeal, replacement, or modification. (D) A process for accounting for costs in different fiscal years. (E) Methods to oversee the issuance of significant regulatory actions offset by cost savings achieved at different times or by different agencies. (F) Emergencies and other circumstances that may justify individual waivers of the requirements of this section. (G) Standards by which the Director will determine whether a regulatory action or a collection of regulatory actions qualifies as a significant regulatory action. (2) Updates to guidance The Director shall update the guidance issued pursuant to this section as necessary. 6. Waiver (a) Waiver authority Upon the written request of the head of an agency, the Director may issue a written waiver of the requirements of section 3 if the Director determines that the agency generally issues very few or no rules. (b) Revocation of waiver The Director may revoke at any time a waiver issued under this section. (c) Public availability of waivers The Director shall maintain a publicly available list of each agency that is operating under a waiver issued under this section. (d) Requirement for waiver A waiver shall not be effective unless the written waiver and the written request of the