Unfunded Federal Mandates Relief Act of 1997

TABLE OF CONTENTS: Title I: Review of Intergovernmental Regulations Title II: Compensation of State and Local Governments for Additional Direct Costs Unfunded Federal Mandates Relief Act of 1997 - Title I: Review of Intergovernmental Regulations - Requires the President, after submitting the annual Federal budget, to submit to the Congress a report specifying and evaluating the costs to State and local governments of complying with intergovernmental regulations during the most recently completed fiscal year, the fiscal year in progress, and the next two fiscal years. Specifies the contents of such report. Authorizes the President to delegate the responsibility of preparing such report to the Director of the Office of Management and Budget or the head of any other Federal agency. Directs the responsible official to prescribe standards to be used by agencies in estimating the compliance costs and benefits of intergovernmental regulations. Directs each agency to furnish such official with required information pertaining to agency regulations. Title II: Compensation of State and Local Governments for Additional Direct Costs - Prohibits any Federal agency or U.S. court from requiring such governments, in any fiscal year, to comply with any intergovernmental regulation unless sufficient funds have been provided to reimburse them for additional compliance costs estimated for the fiscal year. Requires the Director of the Congressional Budget Office to transmit annually to the President and the Congress a report specifying an estimate of the total amount of additional direct costs that will be incurred in upcoming fiscal years by such governments in complying with each intergovernmental regulation promulgated pursuant to a significant law. Directs the chairmen of the congressional committees having jurisdiction over any significant law under which an intergovernmental regulation is promulgated to propose, to a bill providing funds for each fiscal year in which such regulation will be in effect, an amendment to appropriate funds to reimburse such governments for the additional direct costs they will incur in complying with such regulation. Sets forth procedures for reimbursements of such additional direct costs by Federal agencies to States, and by States to local governments.