National Commission on Regulatory Reform Act

National Commission on Regulatory Reform Act - Establishes the National Commission on Regulatory Reform.

Directs the Commission to make a full and complete study of such regulatory activities of the independent regulatory agencies of the Federal Government as the Commission determines to be primarily economic in nature and to have a significant effect on the segments of the economy involving transportation, communication, the development and distribution of energy resources, or financial institutions.

States that such study shall be undertaken to determine: (1) whether such regulatory activities have limited competition within such segments of the economy, and if they have, what the economic consequences have been, (2) whether such regulatory activities have, in other way, contributed to current economic difficulties, in particular inflation; and (3) whether changes need to be made with regard to such independent Federal establishments and their regulatory activites.

Requires that such study shall include, with regard to each independent Federal establishment whose regulatory activities are included in such study: (1) an analysis of the purposes for which it was created, its structure and jurisdiction, the statutory framework governing its operation and activities, and the procedures and policies it has adopted; (2) an assessment of its effectiveness in carrying out its purposes; (3) an analysis of the costs and benefits of its various programs and policies, with particular reference to any adverse economic impact; and (4) an examination of the relationship between its regulatory activities and those of State and local regulatory agencies.

Sets forth the membership, powers, and authority of the Commission. Directs the Commission to submit to the President and Congress within one year a report containing: (1) a statement of the status of the study being conducted pursuant to this Act; (2) a detailed statement of any findings made or conclusions reached by the Commission; and (3) any recommendations for legislation or administrative action, or both, deemed appropriate by the Commission.