Regulatory Agency Review Act

Regulatory Agency Review Act - Sets forth the findings of Congress that some Federal regulatory agencies have unduly interferred with business and the economy. Declares the purpose of this Act is to terminate Federal regulatory agencies unless the President and the Congress determine that such agencies should not be terminated.

Defines the terms used in this Act.

Sets forth procedures to determine which agencies or functions of agencies are regulatory in nature and subject to termination by this Act.

Terminates all Federal regulatory agencies and regulatory functions of other agencies three years from the date of enactment of this Act unless Congress and the President act to continue such agency. Terminates all regulatory agencies created after the enactment of this Act and regulatory functions transferred to other agencies after the enactment of this Act five years after such creation or transfer unless the President and Congress act to continue such agency or function. States that any such continued agency or function shall terminate five years later unless again continued.

Directs the President to conduct a study of agencies and functions subject to termination and to recommend to Congress their continuation or termination based on such agency's effectiveness and contribution to the general welfare. Allows the President to recommend modifications to an agency he suggests should be continued.

Requires the President to develop a plan to transfer regulatory functions of agencies subject to termination which the President determines are essential to the public health, safety, or welfare to other agencies. Enacts such plan unless either House of Congress adopts a resolution of disapproval.

Sets forth procedures for consideration of such plan for both Houses. States that a disapproval resolution may direct the President to establish an alternative plan which is enacted unless similarly disapproved.

Authorizes the President to transfer such personnel, property, and funds as he determines relate primarily to such transferred functions.

Directs the President to provide for the termination of orders, regulations, and permits allowed to become effective by a terminated agency. States that all orders, regulations, and permits allowed to become effective under a transferred regulatory function shall continue in effect until modified or repealed by the head of the agency to which such function has been transferred.

Directs that judicial proceedings concerning a transferred function not be discontinued solely because a Federal regulatory agency to which it once belonged is terminated unless such proceeding has become unnecessary. Discontinues judicial proceedings involving an agency terminated by this Act the functions of which are not transferred, except under specified circumstances.

Continues administrative proceedings with respect to functions which have been transferred under this Act and terminates all other such proceedings of the terminated agency.