Federal Regulatory Public Cost Evaluation Amendments

Federal Regulatory Public Cost Evaluation Amendments - Sets forth the findings of Congress that the present and recurring economic conditions in the United States are in part attributable to Federal agency regulations which result in unreasonable costs to the public. Declares that the purpose of this Act is to provide a means for establishing the costs and benefits of agency rules which impact costs to the public.

Requires that, with respect to any rule which has a significant impact on costs to the public, the announcement of any rulemaking proceeding, the record of such proceeding, and the rule promulgated must contain a statement reflecting costs to the public and benefits to be derived from such proposed or promulgated rule.

Requires that any Federal agency proposing such a rule must solicit the views of any other appropriate agency or person which may have a basis for evaluating such costs and benefits.

Requires the Office of Consumer Affairs to also make such comparison for consideration during a rulemaking proceeding.

Requires the Director of the Office of Management and Budget to prepare guidelines for the preparations of public cost and benefit comparisons. (Amends 5 U.S.C. 553, 557)