Regulatory Right-to-Know Act of 1998

Regulatory Right-to-Know Act of 1998 - Directs the President, no later than January 2000 and each January every two years thereafter, to submit to the Congress an accounting statement that estimates the costs and corresponding benefits of Federal regulatory programs and program elements. Provides for each accounting statement submitted to: (1) cover, at a minimum, the costs and corresponding benefits for the five fiscal years preceding October 1 of the year in which the report is submitted; and (2) also contain a projection of the costs and corresponding benefits for the next ten fiscal years. Directs the President to propose the first accounting statement no later than one year after the enactment of this Act. Provides for such statement to cover, at a minimum, each of the preceding fiscal years beginning with FY 1997.

Requires the President, acting through the Director of the Office of Management and Budget, in each year following the year in which the President submits an accounting statement and after notice and opportunity for comment, to submit to the Congress a report associated with the accounting statement containing: (1) analyses of impacts; (2) an analysis of jurisdictional overlaps, duplications, and potential inconsistencies among Federal regulatory programs; and (3) recommendations for reform.

Requires the Director to: (1) provide guidance to agencies to standardize measures of costs and benefits in accounting statements and the format of the accounting statements; (2) review submissions from agencies to assure consistency with the guidance; and (3) provide for independent and external peer review of the guidelines, accounting statements, and their associated reports.

Requires the Director of the Congressional Budget Office, after each accounting statement and associated report is submitted to the Congress, to make recommendations to the President for improving: (1) accounting statements and associated reports; and (2) agency compliance with this Act and its guidelines.