ERASER Act

Plain-English summary

Expediting Reform And Stopping Excess Regulations Act or the ERASER Act This bill generally requires federal agencies to repeal three rules before issuing a new rule. In the case of a new nonmajor rule, an agency must repeal at least three rules that, to the extent practicable, are related to the new rule. In the case of a new major rule, (1) an agency must repeal at least three rules that are related to the new major rule, and (2) the cost of the new major rule must be less than or equal to the cost of the repealed rules. A major rule is a rule that has resulted in or is likely to result in (1) an annual effect on the economy of $100 million or more; (2) a major increase in costs or prices for consumers, individual industries, government agencies, or geographic regions; or (3) significant adverse effects on competition, employment, investment, productivity, or innovation.

Deterministically condensed from the official CRS summary; verify details in the official record.