1. Short title This Act may be cited as the Renewing Efficiency in Government by Budgeting Act or the REG Budgeting Act . 2. Regulatory budgeting (a) Regulatory budgeting Title II of the Unfunded Mandates Reform Act of 1995 ( Public Law 104–4 ; 15 U.S.C. 1531 et seq. ) is amended by adding at the end the following: 210. Regulatory Budgeting (a) Limit for the amount of additional unfunded regulatory costs that may be imposed each fiscal year (1) Establishment (A) In general On or before September 30 of each fiscal year, the Director shall establish— (i) a limit on the amount of additional unfunded regulatory costs that may be imposed collectively by the heads of all agencies in the next fiscal year; and (ii) as part of the limit established under clause (i), a limit on the amount of additional unfunded regulatory costs that may be imposed individually by the head of each agency in the next fiscal year. (B) Additional matters related to limit The Director may require as part of a limit under subparagraph (A), that cumulative unfunded regulatory costs be reduced, including for the purpose of offsetting any additional unfunded regulatory costs that may be imposed by the heads of agencies during the fiscal year for which the limit is established. (C) Congressional approval The Director may not establish a limit under subparagraph (A) that allows the head of an agency to impose an additional unfunded regulatory cost unless Congress approves such limit. (2) Reports (A) Agency-wide limit Not later than 7 days after establishing a limit under paragraph (1)(A)(i), the Director shall— (i) submit a report that identifies the limit established, and contains a reasoned statement of the basis and purpose of establishing such limit, to the appropriate congressional committees