Regulatory Sunset and Review Act of 1995

Regulatory Sunset and Review Act of 1995 - Provides that a covered rule shall be subject to review in accordance with this Act and, upon the review's completion, the agency with jurisdiction over the rule shall either issue a final report continuing it or conduct a prescribed rulemaking to modify, consolidate, or terminate it. Defines "covered rule" as: (1) one that is determined by the Administrator of the Office of Information and Regulatory Affairs in the Office of Management and Budget to be a significant rule; or (2) any other rule designated by the jurisdictional agency or by the Administrator for sunset review. Defines "significant rule" as: (1) one that has resulted in, or is likely to result in, an annual effect on the economy of $100 million or more; (2) a major rule; or (3) a rule issued pursuant to a significant regulatory action.

Provides for petitions by adversely affected persons, and requests by congressional committees, for sunset review of non-significant rules when it is in the public interest to do so. Provides for judicial review of denial of such petitions (but not of such congressional requests).

Details the criteria for sunset reviews as well as sunset review procedures and related Administrator functions, review deadlines for covered rules, and agency sunset review notice and reporting requirements.

Mandates review of: (1) existing significant rules in four years, five years, six years, or seven years after enactment of this Act, as specified by the Administrator; and (2) new significant rules either three years or seven years after issuance, depending on specified circumstances.

Requires the head of each Federal agency to designate an agency Regulatory Review Officer who shall be responsible for the implementation of this Act and report directly to the agency head and the Administrator with respect to that responsibility.