National Regulatory Budget Act of 2014 - Establishes the Office of Regulatory Analysis in the executive branch as an independent establishment. Requires the Director of the Office to submit an annual report to specified congressional committees that includes: (1) regulatory costs imposed on regulated entities; (2) an analysis of any major changes in estimation methodology used by the Office since its last annual report; (3) an analysis of any major estimate changes caused by improved or inadequate data; (4) recommendations on how regulations may be streamlined, simplified, and modernized; and (5) recommendations for repealing regulations and reducing the cost of regulations without diminishing their effectiveness.
Requires the Director to publish a regulatory analysis of each proposed covered federal rule (a rule, an information collection requirement, guidance, or a directive that imposes not less than $25 million in annual costs on regulated entities) and each proposed withdrawal or modification of a covered federal rule by an executive agency that imposes or reduces costs on a regulated entity.
Requires Congress to pass an annual bill establishing a National Regulatory Budget that sets an overall regulatory cost cap and an agency regulatory cost cap for each executive agency for the fiscal year.
Requires agencies to provide the information that the Director requests and imposes sanctions for failing to cooperate.
Prohibits an executive agency that exceeds the annual agency regulatory cost cap imposed by the National Regulatory Budget for a fiscal year from promulgating a new covered federal rule that increases regulatory costs.