Economic and Employment Impact Act

Economic and Employment Impact Act - Directs the Comptroller General to prepare an economic and employment impact statement to accompany each bill, resolution, or conference report before it may be reported or otherwise considered on the floor of either House of Congress. Requires such statement to: (1) state the extent to which enactment of such legislation would result in increased costs to the private sector, individuals, or State and local governments; and (2) include a detailed assessment of the annual impact of such legislation on consumer and business costs, employment, the Gross Domestic Product, and other specified criteria. Provides that such statement may consist of a brief summary assessment if preliminary analysis indicates that the aggregate effect of the legislation is less than $100 million or 10,000 jobs in national employment. Authorizes the Congress to waive the requirements at any time in which a declaration of war is in effect or in response to a national security emergency at the request of the President.

Provides that it shall not be in order in either House of Congress to consider any legislation that does not include such a statement. Allows such point of order to be waived.

Requires each regulation and proposed regulation promulgated by an executive department or agency to be accompanied by such a statement and published with such statement in the Federal Register. Authorizes the President to waive the requirements of this paragraph at any time in which a declaration of war is in effect or in response to a national security emergency.

Amends rule XXVI of the Standing Rules of the Senate to repeal provisions concerning congressional committee reports accompanying bills and resolutions.