One In, One Out Act This bill prohibits a federal agency from issuing a rule that imposes a cost or responsibility on a nongovernmental person or a state or local government unless: (1) such agency has repealed or revised one or more related rules in a way that reduces costs to the regulated entities, and (2) the cost of the new rule is less than or equal to the cost of the rules being repealed or revised. Any such repealed or revised rule must be published in the Federal Register. This bill is inapplicable to any rule that: (1) relates to procurement by the agency, or (2) is being revised to be less burdensome by decreasing requirements imposed or compliance costs.