Congressional Office of Regulatory Analysis Creation Act

Congressional Office of Regulatory Analysis Creation Act - Establishes a Congressional Office of Regulatory Analysis (CORA). Authorizes: (1) CORA, in order to carry out its duties and coordinate its operations with other congressional agencies, to obtain information developed by the General Accounting Office, Congressional Budget Office (CBO), and the Congressional Research Service and to utilize the services, facilities, and personnel of such agencies without reimbursement; and (2) such other agencies to provide CORA with the information, services, facilities, and personnel. Requires CORA to provide the Committee on Government Reform and Oversight of the House of Representatives information that will assist the committee in the discharge of all matters within its jurisdiction, including information with respect to its jurisdiction over authorization and oversight of the Office of Information and Regulatory Affairs of the Office of Management and Budget. Authorizes appropriations through FY 2006, but prohibits authorization of appropriations for CORA in a year when the annual Legislative Branch appropriation exceeds the Legislative Branch appropriation for FY 1998, reduced by the amount appropriated for CORA for such year.

Transfers to the CORA Director the functions of the Comptroller General with respect to congressional review of agency rulemaking.

Extends the deadline by which the Director must report to appropriate congressional committees on each major rule from 15 to 30 calendar days after its submission to the Congress or publication in the Federal Register. Requires the report to include: (1) an assessment of the agency's compliance with the requirements of congressional review of agency rules; and (2) a specified analysis of the cost, and benefits of, and alternatives to, each major rule and, when requested by a Member or committee of Congress, a nonmajor rule. Amends the Unfunded Mandates Reform Act of 1995 to: (1) transfer to the Director functions of the CBO Director with respect to the comparison between agency and CBO mandate cost estimates; and (2) require the OMB Director, at the request of the CBO Director or the CORA Director, to cooperate in providing mandate cost estimates and related data.

Directs the OMB Director to collect agency statements prepared under such Act for forwarding to the CORA Director (currently CBO Director) after promulgation of the general notice of proposed rulemaking or of the final rule for which the statement was prepared.

Requires CORA to issue an annual report on an estimate of the total cost and benefits of all existing Federal regulations.