Regulatory Review Act of 1995

Regulatory Review Act of 1995 - Terminates the effectiveness of certain covered significant rules according to specified timetables unless they are reviewed, according to specified procedures, by the Administrator of the Office of Information and Regulatory Affairs in the Office of Management and Budget (or, in the case of a Federal banking agency, the head of that agency). 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. 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, termination dates for covered rules, and agency sunset reviews, notices, and reports.

Mandates termination: (1) of 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) of 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 OIRA Administrator with respect to that responsibility.