Independent Regulatory Agency Act

Independent Regulatory Agencies Act - Provides that the term "independent regulatory agency" means the Civil Aeronautics Board, the Federal Power Commission, the Federal Trade Commission, the Interstate Commerce Commission, the Securities and Exchange Commission, the Consumer Product Safety Commission, or any other agency which the Congress by law provides is an independent regulatory agency for purposes of this Act.

Provides that the President shall appoint the chairmen of the Civil Aeronautics Board, the Federal Communications Commission, the Federal Power Commission, the Federal Trade Commission, the Interstate Commerce Commission, and the Consumer Product Safety Commission from among the members of such bodies by and with the advice and consent of the Senate, and that each such member shall serve in such capacity until the expiration of his term of such body.

Revokes the power of the President to remove for inefficiency a member of the Civil Aeronautics Board, the Federal Trade Commission, and the Interstate Commerce Commission.

Authorizes the President to remove for neglect of duty or malfeasance in office a member of the Federal Communications Commission, the Federal Power Commission, and the Securities and Exchange Commission.

Authorizes the Civil Aeronautics Board, the Federal Communications Commission, the Federal Trade Commission, the Securities and Exchange Commission, the Interstate Commerce Commission, the Federal Power Commission, and the Consumer Product Safety Commission to act in its own name and through its own attorneys in any civil action and to supervise and conduct litigation in any civil action to which the Commission is a party.

Provides that any communication to Congress respecting legislation, by any independent regulatory agency, whether transmitted in its annual report or otherwise, shall not be submitted to or be subject to clearance by the Office of Management and Budget or any other authority.

Provides, under the Budget and Accounting Act, that the President's budget as submitted to Congress shall set forth the text of the original submission to the Office of Management and Budget by each independent regulatory agency of the estimated expenditures and proposed appropriations necessary in the judgment of the agency for its support, and any agency comments which accompanied such submission.

Provides for access to information held by such independent regulatory agencies by specified congressional committees.