Regulatory Relief Act of 2017 This bill requires a federal agency to repeal at least two existing rules when promulgating a new rule. For each fiscal year, an agency must offset the total incremental cost of its new rules, unless otherwise required by law or the Office of Management and Budget (OMB). The bill excludes from such requirements: (1) rules made with respect to a U.S. military, national security, or foreign affairs function; (2) rules related to agency organization, management, or personnel; or (3) other categories of rules exempted by the OMB.