Regulatory Reform Act

Regulatory Reform Act - Requires that any rule proposed by any Federal agency be submitted to Congress along with a statement demonstrating that the benefits of such rule exceed its costs. Requires approval of such rules by Congress before it can become effective.

Permits agency adoption of a rule which would hold an employee, rather than his employer, responsible for a violation of agency rules by such employee.

Prohibits agency solicitation of irrelevant or duplicative information from private parties.

Requires an agency which delays more than six months in making a final determination or finding in any licensing proceeding to reimburse all interested parties to such proceeding for their complete costs of application and estimated revenue losses directly resulting from such delay.