Regulatory Agency Self-Destruct Act

Regulatory Agency Self-Destruct Act - Abolishes each Federal regulatory agency as of the close of September 30, 1978 unless, prior to such date: (1) the President conducts an investigation of the agency's overall performance, makes public a report on the findings of the investigation, and recommends to the Congress that such agency or agencies should not be abolished; (2) the relevant committee or committees of the House and Senate conduct an inquiry into the performance and effectiveness of the agency or agencies and make public a report on such findings, conclusions, and recommendations; and (3) the Congress adopts a concurrent resolution disapproving the abolition of the agency or agencies.

Defines "Federal regulatory agency" to mean any of the following: (1) the Civil Aeronautics Board; (2) the Federal Communications Commission; (3) the Federal Maritime Commission; (4) the Federal Power Commission; (5) the Federal Trade Commission; (6) the Interstate Commerce Commission; (7) the Securities and Exchange Commission; (8) the Consumer Product Safety Commission; (9) the Nuclear Regulatory Commission; and (10) the Commodity Futures Trading Commission.

Declares that each Federal regulatory agency not abolished by the above Procedure, or any successor agency established pursuant to this Act, shall be abolished on September 30, 1985 except that those agencies which have been in existence for 25 years or less shall be abolished on September 30, 1990 unless the President and the Congress take action as described above to disapprove such abolition. States that such abolition procedure shall be repeated every seven years.

States that each regulatory agency established by the Congress on or after September 1, 1975, shall be abolished every 15 years from the date on which it is first empowered to exercise its functions and duties according to the Act creating such agency until the agency has been in existence for 25 years after which it shall be abolished every 7 years unless the President and the Congress take action as described above to disapprove such abolition.

Requires that before March 30, 1979, and on or before a date six months prior to each date of abolition of an agency as specified in this Act, the President shall prepare and submit to the Congress a plan for the orderly transfer of such functions, powers, and duties, if any, as are determined by the President to be essential to the public health, safety, or welfare, from an agency, which is subject to the termination provisions of this Act, to the President or to a successor agency designated by the President.

Provides that all orders, determinations, rules, regulations, permits, certificates, licenses, contracts, rates, and privileges which have been issued, made, granted, or allowed to become effective by a Federal regulatory agency abolished by this Act or by any court of competent jurisdiction, under any provisions of law affected by this Act, and which are in effect at the time these provisions take effect, shall continue in effect according to their terms until modified, terminated, superseded, set aside, or repealed by the President, the head of a designated successor agency or by any court of competent jurisdiction, or by operation of law.