One In, Two Out Act This bill requires federal agencies to repeal certain existing rules prior to issuing a new rule. Specifically, the bill prohibits an agency from issuing a rule that imposes a cost or responsibility on a nongovernmental person or a state or local government unless it repeals two or more related rules. Additionally, an agency may not issue a major rule that imposes such a cost or responsibility unless (1) the agency has repealed or revised two or more related rules, and (2) the cost of the new rule is less than or equal to the cost of the rules being repealed or revised. (Generally, a major rule is one likely to result in an annual economic impact of $100 million or more, a major increase in costs, or significant adverse effects on competition or investment.) Any such repealed or revised rule must be published in the Federal Register. This bill does not apply to a rule or major rule that (1) relates to an internal agency policy, (2) procurement by the agency, or (3) is being revised to be less burdensome by decreasing requirements imposed or compliance costs.