Regulatory Agency Responsibility Act

Regulatory Agency Responsibility Act - Title I: Abolition of Unnecessary Agencies - States that the purpose of this Act is to abolish specified Federal regulatory agencies which have failed to promote the public welfare and to provide for the automatic termination of new agencies established after the enactment of this Act which fail to accomplish the purposes for which they were established.

Abolishes each Federal regulatory agency as of October 1, 1976, unless: (1) the President recommends its continuance; (2) the relevant Congressional committees conduct an investigation of its effectiveness; and (3) the Congress adopts a concurrent resolution disapproving the abolition of the agency or agencies.

Provides for the automatic termination of the remaining Federal agencies after 7 years unless the President and Congress take action to disapprove such abolition. Sets forth procedures for the automatic termination of new regulatory agencies established after the date of enactment of this Act after 15 years unless the President and Congress disapprove.

Provides for an orderly transfer of essential functions of the abolished agencies to successor agencies. Stipulates that Congress must approve such plan before it may take effect.

States that the orders, rules, certificates, and licenses which have been promulgated by an abolished agency shall continue in effect according to their terms until modified, terminated, or repealed by the President, the head of a designated successor agency or by any court of competent jurisdiction, or by operation of law.

Title II: Budget Requests and Legislative Recommendations - Reports to the Congress - Requires specified agencies to submit all legislative recommendations to the Congress as well as to the President.