Reset Act of 2017
This bill requires the Government Accountability Office (GAO) to conduct a study to determine as of the date of enactment of this bill: (1) how many rules were in effect, (2) how many major rules were in effect, and (3) the total estimated economic cost imposed by all such rules. The GAO must report to Congress on such study within one year of the enactment of this bill.
Once the GAO issues such report, the bill applies the Congressional Review Act to major rules that are in effect on this bill's enactment. Thus, Congress may nullify an existing rule through a joint resolution of disapproval that receives a majority vote in both chambers.