Regulatory Reform Act

Regulatory Reform Act - States that the purpose of this Act is to require that over a period of five years the President annually submit to the Congress for action a plan designed to eliminate unnecessary or harmful regulation by Federal regulatory agencies. Specifies that each such plan shall establish more efficient organizational and administrative forms for the regulation of commerce, and shall attempt to increase regulatory agency accountability and responsiveness to the public interest.

Directs the President to submit plans regarding (1) regulation of banking and finance, by the last day of March 1977, for specified agencies; (2) regulation of energy and environmental matters, by the last day of March 1978, for specified agencies; (3) regulation of commerce, transportation, and communications, by the last day of March 1979, for specified agencies; (4) regulation of food, health and safety, and unfair or deceptive trade practices, by the last day of March 1980, for specified agencies; and (5) regulation of labor, housing, Government procurement, and small businesses by the last day of March 1981, for specified agencies.

States that each such plan shall include recommendations for the transfer or elimination of functions, for procedural reforms, for the modification or abolition of Federal agencies, and for increasing economic competition.

States that if the Congress fails to enact comprehensive regulatory reform legislation, all rules of any agency specified under this Act shall cease to be effective unless Congress has otherwise provided.