Reducing Excessive Government Act of 2019 or the REG Act

This bill requires Congress, within 60 days after the debt limit is increased or suspended, to enact legislation eliminating agency rules that effectuates a reduction of the direct cost of federal regulation during a specified 10-fiscal-year period by at least 15% of the amount of the increase of the debt limit.

If the debt limit is increased or suspended, each agency must submit to the Senate, the House of Representatives, and the Government Accountability Office a report identifying each major rule of the agency. A major rule is an agency rule 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 or on the ability of U.S.-based enterprises to compete with foreign-based enterprises in domestic and export markets.

The bill further specifies procedures for both houses to recommend a list of rules for repeal and the expedited consideration of a joint resolution to repeal such rules.

If the Office of Management and Budget determines that such legislation has not been enacted by the prescribed deadline, then the public debt limit must be set equal to the total amount of outstanding obligations on that date.