National Commission on Regulatory Reform Act

National Commission of Regulatory Reform Act - Establishes as an independent instrumentality in the executive branch a National Commission on Regulatory Reform to be comprised of specified membership.

States that the Commission shall identify regulatory activities of the independent regulatory agencies for detailed review, and conduct such review which shall include, but shall not be limited to: (1) an analysis of the purposes and objectives of the regulatory activities; (2) an assessment of actual performance in achieving the purposes and objectives; (3) an analysis of the costs and benefits of each activity; and (4) an examination of State and local governmental regulatory activities which interact with the Federal independent regulatory system.

Directs Federal departments and agencies to assist the Commission in the performance of its functions. Requires the Commission to report to the President and the Congress not later than one full year after its appointment. Provides that the Commission shall be terminated ninety days after the submission of such report.

Authorizes to be appropriated $500,000 to carry out the provisions of this Act.