Regulatory Reform Act

Regulatory Reform Act - States Congress' finding that Government economic regulation has become a burden to American business, consumers, and the economy. Requires the President to submit at least once a year for five years a plan to eliminate regulation which has led to inflationary consumer prices or a reduction of competition. Directs that each plan establish more efficient organizational and administrative forms for the regulation of commerce and include provisions necessary to modify or abolish existing agencies and functions so as to eliminate overlapping regulatory jurisdictions and anti-competitive regulations. Requires that such reformation plan be directed toward regulation in the areas of: (1) banking and finance; (2) energy and environment; (3) commerce, and transportation; (4) food, health, safety, and trade practices; and (5) labor, housing, and small business.

Defines terms used in this Act.

Provides for Congressional review of such plan. Provides that if Congress fails to pass any regulatory reform legislation by a specified date after the President submits his plan to the Congress, such plan shall become effective as of a specified date and all rules of any agency described in such plan shall be of no force or effect.