Regulatory Reform Act

Regulatory Reform Act - Provides that before any rule promulgated by any Federal agency can become effective, it must be submitted to the Congress for approval. Requires that an economic impact statement accompany such submission.

Authorizes agencies to make rules which impose a penalty upon an employer of an employee who violates any rule or regulation in effect against such employer.

States that no agency may require an applicant or a party to an agency proceeding to provide such agency with information or documents which have been previously furnished to such agency or which are not directly relevant to such application or proceeding.

Entitles the applicant for any license to reimbursement by such agency for the complete costs of such party's application if such agency has not made a final determination in the licensing proceeding within six months of the date of announcement of the intention of any such proceeding.