Fiscal Accountability and Impact Reform Act (FAIR Act)

Fiscal Accountability and Impact Reform Act (FAIR Act) - States that one purpose of this Act is to assist the Congress in consideration of proposed legislation establishing or revising Federal programs to assure that, to the maximum extent practicable, legislation enacted will: (1) minimize the burden of such legislation on expenditure of scarce local public resources by State and local governments; (2) minimize inefficient allocation of economic resources; and (3) reduce the adverse effect of such legislation on the ability of State and local governments to use local public resources to meet local needs, and on allocation of economic resources, full employment, and international competitiveness.

States that a second purpose of this Act is to require Federal agencies to exercise discretionary authority and implement statutory requirements in a manner which, consistent with agency mission and Federal law, minimizes the impact of regulations and other major Federal actions affecting the economy on: (1) the ability of State and local governments to use local public resources to meet local needs; and (2) the allocation of economic resources, full employment, and international competitiveness of American goods and services.

Title I: Legislative Reform - Provides that whenever a committee of either House reports a bill to its House which mandates unfunded requirements upon State and local governments or the private sector, the report accompanying that bill shall analyze the effect of the new requirements on: (1) State and local government expenditures necessary to comply with Federal mandates; (2) private businesses; and (3) economic growth and competitiveness.

Title II: Agency Impact Analysis - Requires, to the fullest extent practicable, that: (1) the policies, regulations, and public laws of the United States be interpreted and administered in accordance with the purposes of this Act; (2) all Federal agencies, consistent with attainment of the requirements of Federal law, minimize the adverse effects of rules affecting the economy; and (3) Federal agencies take certain actions in promulgating new rules, reviewing existing rules, developing legislative proposals, or initiating any other major Federal action affecting the economy whenever an agency identifies two or more alternatives which will satisfy the agency's statutory obligations.

Provides that, whenever an agency publishes a general notice of proposed rulemaking, promulgates a final rule, or before initiating or implementing any other major Federal action affecting the economy, the agency shall prepare and make available for public comment an Economic Impact Assessment. Specifies the contents of such an assessment.

Provides for judicial review of final agency actions for compliance with this title.