Drinking Water Regulatory Relief Act of 1992

Drinking Water Regulatory Relief Act of 1992 - Amends the Safe Drinking Water Act to direct the Administrator of the Environmental Protection Agency to report to the Congress on the ability of small public water systems to comply with such Act's requirements. Requires such report to include an analysis of the: (1) extent to which access to technical expertise to operate public water systems is limited in the case of small systems; (2) barriers which inhibit the financing of capital improvements in such systems to bring them into compliance with regulations; and (3) difficulties experienced by such systems in financing water monitoring and testing.

Requires the report to include the Administrator's recommendations for actions to insure that such systems can come into compliance with regulations as expeditiously as other systems but in a manner which recognizes differences in geographic locations, drinking water sources, and in levels of exposure and risk. Directs the Administrator to propose regulations to implement such actions.

Suspends all compliance deadlines (for a period of 24 months after this Act's enactment date) under the Safe Drinking Water Act with respect to public water systems serving fewer than 5,000 persons.