; (B) for the fifth fiscal year that begins after the date of enactment of this section, the appropriate level for the Federal regulatory cost for the fiscal year shall be the amount of the first regulatory baseline submitted under section 326; and (C) for each fiscal year after the fiscal year described in subparagraph (B), the appropriate level for the Federal regulatory cost for the fiscal year shall be the level for the most recent fiscal year for which such a level was in effect (under subparagraph (B), this subparagraph, or a concurrent resolution on the budget). (b) Allocation of totals (1) In general For the first fiscal year that begins at least 120 days after the date of enactment of this section, and each fiscal year thereafter, the joint explanatory statement accompanying the conference report on a concurrent resolution on the budget for such fiscal year shall include allocations of the Federal regulatory cost in effect under subsection (a) for such fiscal year and at least each of the 4 ensuing fiscal years— (A) among each committee of the Senate and each committee of the House of Representatives; (B) by major functional category; and (C) by agency. (2) Suballocations As soon as practicable after receiving an allocation under paragraph (1), each committee shall— (A) suballocate its allocation— (i) among its subcommittees; (ii) among programs over which the committee has jurisdiction; and (iii) by agency