The short answer is that by the letter of the rule in the law, yes. It does require a cost analysis, the standard cost model that Ms. Pohlmann referenced earlier, and then over a two-year period, you have to reconcile costs in and costs out, so in terms of how it's written, yes, but how it's written is too narrow.
There are all sorts of legislative changes, guidance and other rules that the rule doesn't apply to. You can still abide by the one-for-one rule, which the government is doing, and still have a significant increase in regulatory burden. I think I said off the top that the administrative burden baseline, the number of regulations that impose a burden on businesses, has increased from 130,000 in 2014 to 149,000 as of 2022, so we're still seeing, despite that rule, a growth in administrative burden requirements.