Federal Paperwork Reduction Act

Federal Paperwork Reduction Act - Requires each Federal agency to reduce the paperwork burden such agency places upon the private sector and State and local government by a specified amount each year until fiscal year 1982. Directs that in such year, such paperwork burden shall not exceed 65 percent of the paperwork required by Federal agencies of the private sector and State and local governments in fiscal year 1977.

Limits the budget authorizations of any agency which fails to meet the annual reduction quotas established by this Act. Requires the Director of the Office of Management and Budget to review and report to Congress on the progress of agency paperwork reduction programs.

Amends the Legislative Reorganization Act of 1970 to require all public legislation reported by any congressional committee to be accompanied by a Paperwork Impact Statement detailing the paperwork burden which would be imposed upon the public sector and State and local governments by such legislation.