Consumer Cost Evaluation Act

Consumer Cost Evaluation Act - Provides for a determination of costs to consumers of any proposed Federal legislation or regulation that may have a significant impact on costs to consumers. Requires that any proposed Federal legislation or regulation must be found to provide benefits to consumers or the public that bear a reasonable relationship to such costs.

Requires that every agency of the Federal Government shall prepare, in conjunction with every applicable proposal it makes for legislation or a regulation, a draft consumer cost assessment and upon consultation with other Federal agencies, a final consumer cost assessment. Provides that the cost assessment must allow for public comment.

Limits the requirements with respect to the preparation of draft and final consumer cost assessments to proposals for legislation or regulation other than those involving a military or foreign affairs function of the United States or relating to agency management or personnel or public property.

Provides that under specified emergency situations the proposed regulation may be published and final action taken on the regulation without compliance with the cost assessment requirements of this Act. Requires that under such circumstances, the agency involved must meet specified alternative requirements.

Directs the President to establish guidelines for the preparation of draft and final consumer cost assessments within 90 days after enactment of this Act.

Provides for the review of existing regulations. Directs that if a substantial disparity is found between the consumer costs and benefits of such regulations, the agency shall propose amendments to the regulation to eliminate the disparity.

Applies the requirement of cost assessment to committees of Congress dealing with proposed legislation that may have a significant impact on costs to consumers. States that guidelines for the preparation of cost assessments by committees of Congress shall be established by the Congressional Office of the Budget.