; or (B) achieve additional benefits or cost reductions, provided that the agency— (i) identifies— (I) all such additional benefits and the associated costs of those benefits; and (II) all such cost reductions and the associated benefits of those cost reductions; and (ii) explains why— (I) the additional benefits justify the additional costs; or (II) the additional cost reductions justify any benefits foregone. . 5. New authorities and responsibilities for Office of Information and Regulatory Affairs Section 208 of the Unfunded Mandates Reform Act of 1995 ( 2 U.S.C. 1538 ) is amended to read as follows: 208. Office of Information and Regulatory Affairs responsibilities (a) In general The Administrator of the Office of Information and Regulatory Affairs (in this section referred to as the Administrator ) shall provide meaningful guidance and oversight so that the major rules of an agency for which a regulatory impact analysis is required under section 202— (1) are consistent with the principles and requirements of this title, as well as other applicable laws; and (2) and do not conflict with the policies or actions of another agency. (b) Notification If the Administrator determines that the major rules of an agency for which a regulatory impact analysis is required under section 202 do not comply with the principles and requirements of this title, are not consistent with other applicable laws, or conflict with the policies or actions of another agency, the Administrator shall— (1) identify areas of noncompliance; (2) notify the agency