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 for five years a plan 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 regulations. Requires that such reformation plans be directed toward regulation in the areas of: (1) banking and finance; (2) energy and environment; (3) commerce and transportation; (4) food, health, safety, and trade practices; and (5) labor, housing, and small business.

Requires Congressional review of such plans. States that if Congress fails to pass regulatory reform legislation in a designated area by a specified date after the President submits his plan for such area to the Congress, such plan shall become effective as of a specified date and all rules of any agency described in such plan shall be of no force or effect.