Regulatory Reform Act

Regulatory Reform Act - States Congress' finding that Government economic regulation has become a burden to American business, consumers, and the economy. Requires the President to submit at least once a year a plan designed to eliminate regulation which has led to inflationary consumer prices or a reduction of competition. Directs that each plan establish more efficient organizational and administrative forms for the regulation of commerce, and include provisions necessary to modify or abolish existing agencies and functions so as to eliminate overlapping regulatory jurisdictions, and anticompetitive and duplicative regulations.

Defines terms as used in this Act.

Provides that the President shall submit each plan required by this Act to the Congress for review by the Committees on Government Operations of the House of Representatives and Senate. Requires such committees to review the plan and report a bill approving or disapproving such plan in whole or in part, with such amendments as are deemed appropriate.

Directs that in the event no regulatory reform legislation has been enacted with respect to any area covered by this Act, all rules of any agency described in the President's plan shall be of no force or effect after the last day of June in the calendar year next following the calendar year in which such plan was submitted.