Records Management Act

Records Management Act - Requires the establishment of standards and procedures to assure efficient and effective government records management. States that such standards and procedures shall seek to effectuate the following goals: (1) accurate and complete documentation of the policies and transactions of the Federal Government; (2) control of the quantity and quality of records produced by the Federal Government; (3) simplification of the processes through which records are created, stored, retrieved, and used; (4) the judicious preservation and disposal of records; (5) the establishment and maintenance of a system which focuses continuous attention upon records from their initial creation to their final disposition; (6) the establishment and maintenance of mechanisms of control with respect to records creation, in order to assure the prevention of unneccessary records; and (7) the establishment and maintenance of such other systems or techniques as the Administrator considers necessary to carry out the purposes of this Act.

Provides that the Administrator shall provide guidance and assistance to Federal agencies with respect to records creation, records maintenance and use, and records disposition.

Directs the Administrator of General Services to: (1) conduct inspections or paperwork studies, at regular intervals as determined to be necessary by the Administrator, of the records and records management practices and programs of every Federal agency; (2) require the head of every Federal agency to transmit a report to the Administrator with respect to the records management practices and programs of each such Federal agency during each period of two calendar years; (3) prescribe rules with respect to records management; and (4) order, to the extent he considers necessary, the head of any Federal agency to take specific action with respect to the records or records management practices of his agency.

Establishes in the executive branch a Records Review Board to review any order issued by Administrator under the provisions of this Act upon appeal by any Federal agency.

Directs the head of each Federal agency to make and preserve records containing adequate and proper documentation of the organization, functions, policies, decisions, procedures, and essential transactions of the Federal agency and designed to furnish the information neccessary to protect the legal and financial rights of the Federal Government and of persons directly affected by the activities of the Federal agency. Requires each agency head to establish safeguards against the removal or loss of records he determines to be necessary and required by the rules of the Administrator.

Authorizes the establishment on the books of the Treasury of a Federal Records Management Fund which shall be available without fiscal year limitations to meet expenses, including personal services and such costs as are required to provide necessary assistance to the Federal agencies.