1. Short title This Act may be cited as the 2 for 1 Act . 2. Requirement to identify 2 rules to be repealed when proposing or promulgating a new rule (a) Identification of 2 rules To be repealed required The head of an agency shall identify at least 2 of the rules of the agency to be repealed when the agency publicly proposes for notice and comment or otherwise promulgates a new rule. (b) Incremental cost of new rules With respect to each fiscal year, the total incremental cost of all new rules, including any repealed rule, to be finalized in that fiscal year may not be greater than zero, unless a rule is required by law or consistent with advice provided in writing by the Director. (c) Incremental cost offset Any new incremental cost associated with a new rule issued on or after the date of the enactment of this Act shall be offset by the elimination of costs associated with at least two other rules identified to be repealed pursuant to subsection (a). (d) Agency guidance by Director Not later than 90 days after the date of the enactment of this Act, and periodically thereafter as the Director determines to be necessary, the Director shall provide the head of each agency with guidance on the implementation of this section that includes the following: (1) Processes for standardizing the measurement and estimation of the regulatory cost of the rule on private entities. (2) Standards for determining what qualifies as a new and offsetting rule. (3) Standards for determining the cost of a rule that may be eliminated. (4) Processes for accounting for costs in different fiscal years. (5) Methods to oversee the issuance of new rules with costs offset by savings at different times or different agencies. (6) Emergencies and other circumstances that might justify individual waivers of the requirements of this section. (e) Annual regulatory cost submissions to OMB (1) Agency identification of incremental and offsetting costs for rules Beginning with the regulatory plans required under Executive Order 12866 (58 Fed. Reg.