Expediting Reform And Stopping Excess Regulations Act or the ERASER ActThis bill generally requires federal agencies to repeal three rules before issuing a new rule.In the case of a new nonmajor rule, an agency must repeal at least three rules that, to the extent practicable, are related to the new rule.In the case of a new major rule, (1) an agency must repeal at least three rules that are related to the new major rule, and (2) the cost of the new major rule must be less than or equal to the cost of the repealed rules. A major rule is a rule that has resulted in or is likely to result in (1) an annual effect on the economy of $100 million or more; (2) a major increase in costs or prices for consumers, individual industries, government agencies, or geographic regions; or (3) significant adverse effects on competition, employment, investment, productivity, or innovation.These requirements apply to rules issued through the notice and comment process and do not apply to interpretative rules, general statements of policy, or rules of agency organization, procedure, or practice. Further, the requirements do not apply to a rule or major rule that relates to the management, organization, or personnel of an agency or procurement by the agency.Any rule repealed under this bill must be published in the Federal Register.Finally, the Government Accountability Office must report on the number and estimated cost of rules and major rules currently in effect.