Federal Mandate Relief Act of 1992

Federal Mandate Relief Act of 1992 - Prohibits the enforcement of an intergovernmental regulation against a State or local government with respect to a fiscal year: (1) unless sufficient Federal funds have been appropriated to reimburse all State or local governments for the total additional costs that will be incurred by those governments in complying with the regulation during the fiscal year; or (2) the Congress approves by a two-thirds vote of the Members of each House a joint resolution that waives such prohibition with respect to that intergovernmental regulation and that fiscal year.

Specifies that the total additional costs that will be incurred by State and local governments in complying with an intergovernmental regulation during a fiscal year shall be the total compliance costs estimated by the Director of the Office of Management and Budget under this Act.

Requires the Director, for each fiscal year in which an intergovernmental regulation will be in effect, to submit to the President and the Congress a report that contains an estimate for that fiscal year and the following fiscal year of the total additional costs that have been or will be incurred by each State and local government in complying with the regulation.

Sets forth provisions with respect to: (1) points of order against deficient appropriations measures; and (2) reimbursements of State and local governments by Federal agencies.