Regulatory Cost Impact Act

Regulatory Cost Impact Act - Requires every Federal agency to prepare in conjunction with every regulation it proposes which may have a significant impact on costs to the public a Regulatory Cost/Benefit Assessment setting forth the foreseeable costs and benefits of and alternatives to such regulation. Requires that hearings on such regulations include comments solicited from the public, Federal, State, and local agencies on the final wording of such cost/benefit assessment.

Provides special procedures for emergency regulations which must be promulgated immediately to protect the public.

Requires each committee of Congress which reports legislation which may have a significant impact on costs to the public to prepare a Regulatory Cost/Benefit Assessment.