Major Regulation Cost Review Act of 2008

Major Regulation Cost Review Act of 2008 - Requires each federal agency to publish in the Federal Register a plan for the periodic review of its major rules. Requires review of all existing major rules within five years and of all new rules within five years after their publication as a final rule.

Directs an agency to consider: (1) the continued need for the rule; (2) the nature of public complaints or comments concerning the rule; (3) the complexity of the rule; (4) the extent to which the rule overlaps, duplicates, or conflicts with other federal, state, and local governmental rules; and (5) the length of time since the rule has been evaluated or the degree to which technology, economic conditions, or other factors have changed in the area affected by the rule. Requires the review to include a cost-benefit analysis of the rule, including an identification and consideration of a range of less costly regulatory alternatives.

Requires each agency, annually, to publish a list of the major rules which are to be reviewed and which are to be included in an accounting statement and associated report to be submitted to Congress by the Director of the Office of Management and Budget (OMB).