Urban Regulatory Relief Zone Act of 1995

Urban Regulatory Relief Zone Act of 1995 - Authorizes the mayor or chief executive officer of a city with a population greater than 200,000 to establish an economic development commission to: (1) designate urban regulatory relief zones in the city composed of one or more distressed areas; and (2) apply through the Office of Management and Budget for waiver of application of specific Federal regulations within such relief zones. States that a Federal agency shall deny such a waiver only if it substantially endangers health or safety.

Specifies that any census tract within a city shall qualify as a distressed area if at least: (1) 33 percent of the resident population is below the poverty line; (2) 45 percent of out-of-school males aged 16 and over worked less than 26 weeks in the preceding year; (3) 36 percent of families with children under age 18 have an unmarried parent as head of the household; or (4) 17 percent of resident families received public assistance income in the preceding year.

Provides for the composition of such commissions. Prohibits more than one such commission from being established or designated within a qualifying city. Requires such commissions to hold public hearings before designating an area as such a zone.

Authorizes a commission to select for waiver, within such zone, Federal regulations that: (1) are unduly burdensome to business concerns, discourage economic development, or create undue economic hardship within, or contribute to the social deterioration of, the zone; and (2) if waived, will not substantially endanger health or safety.

Sets forth provisions regarding: (1) requests for waivers; (2) review and modification of such requests; (3) waiver determinations; (4) automatic waivers; (5) limitations on waivers; (6) the effect of subsequent amendment of regulations; and (7) expiration of waivers.