Competition Improvements Act

Competition Improvements Act - States that the purpose of this Act is that the fundamental national economic policy of the United States is free and open competition by: (1) minimizing anticompetive behavior in regulating industries; (2) establishing procedures to strengthen the application of antitrust and procompetitive policy by Federal agencies; and (3) furthering the ability of Federal agencies to protect open competition in the market place.

Stipulates that each Federal agency shall take such steps as may be necessary to assure that no major action which involves placing a significant burden on competition is taken unless the agency finds that: (1) such action is necessary to accomplish an overriding statutory purpose, and (2) alternative means to accomplish such purpose are unavailable.

Directs each independent economic regulatory agency to submit for approval of the Attorney General, within 120 days, procedures by which the Attorney General shall be notified of any major action proposed to be taken by such agency.

Requires each agency to review its present policies and procedures for the purpose of determining whether there are any deficiencies or inconsistencies which may prevent attainment with the purpose of this Act, and to recommend to the President and Congress appropriate measures to maximize its carrying out the provisions of this Act.