Federal Employees Paid Parental Leave Act of 2017 This bill allows federal employees to substitute any available paid leave for any leave without pay for either the birth of a child or the placement of a child for adoption or foster care. It makes available for any of the 12 weeks of leave an employee is entitled to for such purposes: (1) six administrative weeks of paid parental leave in connection with the birth or placement involved, and (2) any accumulated annual or sick leave. The Office of Personnel Management may promulgate regulations to increase the amount of paid parental leave available to such an employee to a total of 12 administrative workweeks. Such regulations must consider certain factors, including benefit and cost to the federal government. The bill amends the Congressional Accountability Act of 1995 and the Family and Medical Leave Act of 1993 to allow the same substitution for covered congressional employees, Government Accountability Office (GAO) employees, and Library of Congress employees. Service in the National Guard or the Reserves by employees of the executive branch, Congress, the GAO, or the Library of Congress shall count as service for purposes of determining eligibility to take or substitute leave as allowed under this bill.