Congressional Oversight and Audit of Agency Rulemaking Actions Act

Congressional Oversight and Audit of Agency Rulemaking Actions Act - Establishes a pilot project under which the Comptroller General may review a published economically significant proposed or interim rule at the request of a committee of either House of Congress with jurisdiction over the subject matter of the rule. Defines "economically significant rule" to mean any proposed, final, or interim rule: (1) that may have an annual effect on the economy of $100 million or more or adversely affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments, small businesses, or communities; or (2) for which an agency has prepared an initial or final regulatory flexibility analysis.

Requires that an independent audit and assessment of such a rule by the Comptroller General shall consist of: (1) an analysis of the agency's and the public's assessment of the potential benefits and costs of the rule and of alternative approaches that could achieve the agency's objectives in a more cost effective manner; (2) an analysis and assessment of any impact statement or report prepared by the agency as part of the rulemaking, including any assessment of impacts on State and local governments; and (3) a list of all analyses, groups, entities, and sources consulted in developing the analyses and assessments described above.

Grants the Comptroller General discretion to develop procedures for determining the priority and number of requests for review.

Requires each agency, upon request of the Comptroller General, to provide any available or existing records, information, or data upon which the agency relied in developing such a rule. Requires the Comptroller General to transmit an independent audit containing the prescribed assessments and analyses on a final rule, together with a summary of the differences between the proposed and final rule, within 30 days after publication in the Federal Register.

Authorizes appropriations.

Provides for the pilot project established under this Act to continue for a five-year period if specified appropriations are provided. Requires the Comptroller General to report to Congress on such project's effectiveness and on whether it should be authorized permanently.