The bill proposes changes to the Unfunded Mandates Reform Act of 1995 by requiring the Director of the Office of Management and Budget to set limits on the amount of new unfunded regulatory costs that agencies can impose each fiscal year. This means that government agencies would need to get...
Simple Explanation
The bill wants to make sure that before the government makes new rules that cost money, they have to set a limit on those costs each year, and explain why if they want to go over that limit. This is to keep everything fair and clear, like setting a budget so they don’t spend too much without asking permission.