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 agency are publicly available on the website of the Office of Management and Budget. 7. Definitions In this Act: (1) Agency The term agency has the meaning given that term in section 551 of title 5, United States Code. (2) Costs The term costs means opportunity cost to society. (3) Cost savings The term cost savings means the cost imposed by a regulatory action that is eliminated by the repeal, replacement, or modification of such regulatory action. (4) Deregulatory action The term deregulatory action means the repeal, replacement, or modification of an existing regulatory action. (5) Director The term Director means the Director of the Office of Management and Budget. (6) Incremental regulatory cost The term incremental regulatory cost means the difference between the estimated cost of issuing a significant regulatory action and the estimated cost saved by issuing any deregulatory action. (7) Regulation