Regulatory Agency Evaluation and Elimination Act

Regulatory Agency Evaluation and Elimination Act - Abolishes any Federal regulatory agency existing at the time of enactment of this Act five years after such enactment unless the President and Congress studies the performance and efficiency of such agency and Congress adopts a concurrent resolution continuing such agency. Subjects such regulatory agencies continued by such resolution to termination every seven years thereafter unless similarly continued. Terminates new Federal regulatory agencies seven years after their creation and every seven years thereafter unless continued by Congress. States that regulatory functions transferred to Federal agencies which are not regulatory agencies as defined by this Act are subject to the seven-year evaluation and elimination provisions of this Act.

Provides that if the President determines that any functions of an agency to be abolished under this Act are essential to the public health, safety, or welfare, he must submit a plan to Congress for the transfer of such functions to the President or another agency designated by him. Makes such plan effective December 31 of the year in which it is submitted to Congress unless disapproved by either House within 30 days after its submission.

Provides for the transfer of personnel, property, and funds of such transferred functions. Continues in effect all orders, rules, certificates and licenses issued by the abolished agency until abolished or modified by the President, the head of any successor agency, by a court, or by law.

States that any judicial proceeding by or against any official shall not be discontinued by reason of the operation of this Act unless this Act renders such action unnecessary. States that no administrative action or proceeding shall abate solely because of the enactment of this Act, but continues such actions with substitutions as to officers or parties as appropriate.