Federal Mandate Reduction, Reform, and Budget Act of 1993

Federal Mandate Reduction, Reform, and Budget Act of 1993 - Amends the Congressional Budget Act of 1974 to set forth reporting requirements for the Office of Management and Budget and the Congressional Budget Office (CBO) with respect to reducing the direct costs to States and local governments of complying with Federal mandates. Requires concurrent resolutions on the budget to provide for such reductions until such costs do not exceed three percent of the estimated gross national product for the same fiscal year as the costs will be incurred. Requires CBO to prepare an analysis of mandated costs for States and local governments for each public bill or resolution reported in the Congress (except those from Appropriations Committees). Requires a similar analysis in the President's annual budget submissions. Requires initial regulatory flexibility analyses for proposed rules that establish or implement new Federal mandates to contain a description of the nature and amount of monetary costs to be incurred by State and local governments. Requires Federal agencies to prepare a cost estimate and cost benefit analysis of such mandates that would cost State and local governments at least $10 million for a fiscal year.