Regulatory Procedures Reform Act of 1995

Regulatory Procedures Reform Act of 1995 - Amends Federal Government operations law on regulatory function analysis, among other things, to revise judicial review provisions.

Defines "major rule" as a rule or group of closely related rules not expressly excluded from coverage under this Act that the proposing agency, Director of the Office of Management and Budget (OMB), or presidential designee determines is likely to affect the economy each year, directly or indirectly, in a specified manner.

Requires Federal agencies: (1) before publishing rulemaking notices, to determine whether or not the rule in question is a major rule (giving the OMB Director or presidential designee as appropriate the authority to make certain redeterminations); and (2) when publishing a rulemaking notice for a major rule, issue an initial cost-benefit analysis, and, later, when the final major rule is published, a final analysis, with specified contents, along with an appropriate summary for each analysis.

Requires initial analysis to contain risk assessments prepared by covered agency heads based on the best available scientific information in accordance with adopted guidelines incorporating specified requirements, including those for peer review panels, if a major rule addresses health, safety, or environmental risks as well as benefit assessments of risk reductions associated with regulatory alternatives.

Prescribes executive oversight authority and requirements.

Amends Federal Government operations law to add provisions governing congressional review of agency rulemaking, requiring promulgated final major rules to be submitted to the Congress for review in accordance with specified procedures before they take effect.

Requires certain risk assessment and other specified studies by the Administrative Conference of the United States for a report to the Congress.

Outlines provisions for: (1) encouraging covered Federal agencies engaged in regulating health, safety, and environmental risks to achieve the greatest overall net risk reduction at the least cost practical through appropriate priorities included in the agency's budget and planning; (2) promoting coordination risk reduction policies and programs and open communication between Federal entities and the public regarding risk prevention and management; and (3) comparative risk analysis and a certain methodological study provided for by OMB. Limits judicial review under this paragraph.

Details provisions requiring certain biennial accounting statements from the President to the Congress, along with an associated report with appropriate program recommendations, estimating annual regulatory costs and corresponding benefits in accordance with specified guidelines, with appropriate recommendations for improvements from the Congressional Budget Office to the President after such statements and reports have been submitted to the Congress. Requires guidance from OMB for standardized agency cost-benefit measures and statement format. States that regulatory accounting requirements shall not be subject to judicial review.