National Regulatory Budget Act of 2014 - Establishes the Office of Regulatory Analysis in the executive branch as an independent establishment. Requires the Director of such Office to submit by January 30 of each year to the House Committees on Oversight and Government Reform and Small Business and the Senate Committees on Homeland Security and Governmental Affairs and Small Business and Entrepreneurship a Report on National Regulatory Costs, which shall include: (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; and (4) recommendations on how regulations may be streamlined, simplified, and modernized, what regulations should be repealed, and how the federal government may reduce the cost of regulations without diminishing their effectiveness.
Requires the Director to publish in the Federal Register and on the website of the Office a regulatory analysis of each proposed covered federal rule (i.e., 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, not later than July 31 of each year, to pass a bill establishing a National Regulatory Budget that sets an annual overall regulatory cost cap and an annual agency regulatory cost cap for each executive agency for the fiscal year beginning on October 1. Provides that the initial National Regulatory Budget shall take effect in FY2016.
Makes cooperation with the requests of the Director for information mandatory upon executive agencies. Imposes sanctions on such agencies for failure to provide timely information to the Director.
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.
Requires the Director to report to Congress on positions in the federal government that are duplicative of the work performed by the Office and on the effectiveness of regulatory analysis.