Regulatory Agency Termination Procedures Act

Regulatory Agency Termination Procedures Act - States that the purpose of this Act is to abolish specified Federal regulatory agencies which have failed to promote the public welfare and to provide for the automatic termination of new agencies established after the enactment of this Act which fail to accomplish the purposes for which they were established.

Abolishes each Federal regulatory agency as of October 1, 1976, unless (1) the President recommends its continuance to Congress, (2) the relevant Congressional committees conduct an investigation of its effectiveness, and (3) the Congress adopts a concurrent resolution disapproving the abolition of the agency or agencies.

Provides for the automatic termination of the remaining Federal agencies after 10 years unless the President and Congress take action to disapprove such abolition. Sets forth procedures for the automatic termination of new regulatory agencies established after the date of enactment of this Act after 20 years unless the President and Congresss disapprove.

Requires the President to prepare and submit to the Congress an orderly plan for the transfer of essential functions of the abolished agencies to successor agencies. Stipulates that Congress must approve such plan before it may take effect.

States that the orders, rules, certificates, and licenses which have been promulgated by an abolished agency shall continue in effect according to their terms until modified, terminated, or replaced by the President, the head of a designated successor agency or by any court of competent jurisdiction, or by operation of law.