Federal Records Management Act

Federal Records Management Act - Defines terms used in this Act and declares that the purpose of this Act is to require the establishment of standards and procedures to assure efficient and effective records management in the Federal Government.

States that such standards and procedures shall seek to effectuate specified goals, including: (1) accurate and complete documentation of the policies and transactions of the Federal Government; (2) control of the quantity and quality of records produced by the Federal Government; and (3) simplification of the processes through which records are created, stored, retrieved, and used.

Directs that the Administrator of General Services shall provide guidance and assistance to Federal agencies with respect to records creation, records maintenance and use, and records disposition.

Requires the Administrator to conduct inspections or paperwork studies of the records, records practices, and records management programs of every Federal agency. Authorizes and directs the Administrator to charge any Federal agency for the cost of any paperwork study.

Directs the Administrator to transmit yearly reports to Congress. Enumerates the types of information that such report shall contain.

Establishes the Records Review Board as an independent organization in the executive branch, such Board to consist of five members. Sets the rates of pay for Board members.

Allows the Board to appoint and fix the pay of such personnel as it deems necessary to carry out its functions under this Act.

Empowers any executive agency to appeal to the Board any order issued by the Administrator pursuant to this Act.

Requires the head of each Federal agency to make and preserve records containing adequate and proper documentation of the organization, functions, policies, decisions, procedures, and essential transactions of such Agency.

Grants the Administrator immediate custody and control of the National Archives Building and its contents. Directs the Administrator to establish standards for the selective retention of records of continuing value.

Authorizes the Administrator to establish and operate records centers for specified purposes and centralized microfilming services for Federal agencies.

States that the head of each Federal agency shall establish safeguards against the removal or loss of records he determines to be necessary and required by the rules of the Administrator.

Authorizes the Administrator to prescribe such rules as he considers essential to carry out the provisions of this Act.