Regulatory Agency Abolition Act

Regulatory Agency Abolition Act - Abolishes each Federal regulatory agency three years after enactment of this Act unless prior to such date the President and Congress study the effectiveness of such agencies and Congress, thereafter, adopts a resolution disapproving such abolition.

Provides that each regulatory agency established after the date of enactment of this Act shall be abolished three years from the date on which it was first approved unless the President and Congress take the steps outlined above.

Directs the President to submit to Congress a plan for the orderly transfer of duties essential to the public health, safety or welfare from an abolished agency to the President or to a successor agency.

Provides that all orders, rules, certificates, judicial proceedings and licenses made effective by agencies abolished by this Act shall continue in effect until repealed or superceded by the President.