Aboveground Storage Tank Consolidation and Regulatory Improvement Act

Aboveground Storage Tank Consolidation and Regulatory Improvement Act - Redesignates the Office of Underground Storage Tanks of the Environmental Protection Agency (EPA) and establishes it as the Office of Storage Tanks (OST), to be headed by a Director. Transfers to OST authorities of the following as they relate to regulation of aboveground and underground storage tanks: (1) other EPA officers under the environmental laws; (2) the Secretary of Labor under the Occupational Safety and Health Act of 1970 and worker protection standards provisions of the Superfund Amendments and Reauthorization Act of 1986; and (3) the Secretary of Transportation under pipeline safety provisions. Transfers appropriations and personnel.

Requires the Director, by regulation, to restate the laws he or she administers in consolidated form and streamline their application to owners and operators of aboveground and underground storage tanks. Expresses congressional intent that this direction is not intended to modify the laws' requirements. Imposes, as part of such regulations, a requirement that an owner or operator of an aboveground storage tank report to the national response center established under the Federal Water Pollution Control Act a release of a regulated substance (one regulated under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 or petroleum or a petroleum substance) above a specified threshold, including a description of corrective action taken. Allows the EPA Administrator, after release from an aboveground storage tank of a regulated substance posing an imminent threat to human health, public safety, or the environment, to prohibit the use or operation of all or any portion of a storage tank farm within a facility in which the tank is located until the prohibition is no longer necessary or corrective action has been taken.

Authorizes the Director to include in the above regulations release detection, prevention, and correction regulations applicable to owners and operators of aboveground petroleum storage tanks. Requires the Director to determine if there are deficiencies in the law applicable to aboveground petroleum storage tanks and examine industry standards addressing the deficiencies, giving substantial weight to these in designing the regulations.

Establishes requirements for reports to the Congress.