To authorize and direct each standing committee of the House with subject matter jurisdiction over laws under which Federal agencies prescribe rules and regulations to report legislation during this session of Congress which would have the effect of streamlining those rules and regulations, and for other purposes.

Authorizes and directs standing committees of the House of Representatives with subject matter jurisdiction over laws under which Federal agencies prescribe rules and regulations to report legislation during this congressional session which would cause those agencies to amend or repeal rules or regulations in order to: (1) reduce the cost of regulatory compliance to State and local governments and the private sector; (2) reduce or eliminate unfunded or partially funded Federal mandates; (3) streamline administrative processes; (4) require cost-benefit analyses and risk assessments; and (5) require periodic assessment of those rules and regulations. Requires the reporting of legislation to eliminate or consolidate Federal entities as well.