Mandates Information Act of 1998

Mandates Information Act of 1997 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office (CBO), in preparing estimates of the direct costs of all Federal private sector mandates, to estimate also, if feasible, the indirect impact of such mandates on consumers, workers, and small businesses, including any disproportionate impact in particular regions or industries. Prohibits such estimate from being considered in determining whether the direct costs of all such mandates will exceed the threshold specified under current law.

Subjects to a point of order any legislation for which the CBO Director is unable to determine the economic impact of a Federal mandate.

Exempts from a point of order under certain circumstances all Federal mandates (currently, only Federal intergovernmental mandates) that would increase the direct costs of Federal mandates beyond a certain threshold amount (thus extending such exemption to funded private sector mandates as well).

Revises the definition of "Federal intergovernmental mandate" to mean any provision in legislation, statute, or regulation that relates to a then-existing Federal program under which $500 million or more is provided annually to State, local, or tribal governments under entitlement authority, and that meets certain other criteria, if such legislation, statute, or regulation does not provide participating State, local, or tribal governments with new or expanded authority (currently, if such governments lack such authority) to amend their financial or programmatic responsibilities to continue providing required services affected by the legislation, statute, or regulation.