Commission on the Accountability and Review of Federal Agencies Act

Commission on the Accountability and Review of Federal Agencies Act - Establishes the Commission on the Accountability and Review of Federal Agencies to: (1) evaluate executive agencies and their programs; and (2) submit to Congress a plan recommending agencies and programs that should be realigned or eliminated and proposing implementing legislation.

Directs the President to: (1) establish a systematic method for assessing the effectiveness and accountability of agency programs; and (2) submit to the Commission assessments of not less than 50 percent of the programs that use such method. Prohibits the implementation of such method until it has been reviewed and accepted by the Commission. Requires the Commission to consider submitted assessments in evaluating programs.

Requires the President to identify common performance measures for programs having similar functions and provide the Commission with data on such measures.