This Act may be cited as the Expediting Reform And Stopping Excess Regulations Act or the ERASER Act.

In this Act: (1) Agency; rule The terms agency and rule have the meanings given those terms in section 551 of title 5, United States Code. (2) Major rule The term major rule has the meaning given the term in section 804 of title 5, United States Code. (3) State The term State means each of the several States, the District of Columbia, each territory or possession of the United States, and each federally recognized Indian tribe.

(a) Requirement for rule An agency may not issue a rule unless the agency has repealed 3 or more rules described in subsection (c) that, to the extent practicable, are related to the rule. (b) Requirement for major rule (1) Repeal required An agency may not issue a major rule unless— (A) the agency has repealed 3 or more rules described in subsection (c) that, to the extent practicable, are related to the major rule; and (B) the cost of the new major rule is less than or equal to the cost of the rules repealed. (2) Certified cost For any rule issued in accordance with paragraph (1), the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget shall certify that the cost of the new major rule is equal to or less than the cost of the rules repealed. (c) Repealed rules described A rule described in this subsection— (1) does not include an interpretative rule, general statement of policy, or rule of agency organization, procedure, or practice; and (2) was issued through the notice and comment rulemaking process under section 553 of title 5, United States Code. (d) Publication required Any rule repealed under subsection (a) or (b) shall be published in the Federal Register. (e) Applicability This section— (1) applies to any rule or major rule that imposes a cost or responsibility on a nongovernmental person or a State or local government; and (2) shall not apply to any rule or major rule that relates to the management, organization, or personnel of an agency or procurement by the agency.

Not later than 1 year after the date of enactment of this Act, and every 5 years thereafter, the Comptroller General of the United States shall conduct a study and submit to Congress a report that includes, as of the date on which the report is submitted— (1) the number of rules that are in effect; (2) the number of major rules that are in effect; and (3) the total estimated economic cost imposed by the rules described in paragraphs (1) and (2).