Regulatory Agency Review and Elimination Act

Regulatory Agency Review and Elimination Act - Terminates within four years of the date of enactment of this Act all regulatory agencies unless prior to such date the President and Congress conduct separate studies, determine that such agencies continue to serve the purposes for which they were created, and recommend that any such agency or some of the functions thereof should not be eliminated. Requires similar review every seven years of each regulatory agency not eliminated by this Act or each regulatory agency created after the enactment date of this Act, with automatic termination of an agency unless the Congress and the President recommend its continuation.

Directs the President to submit to Congress a plan for the orderly transfer of the functions of a terminated agency as are determined to be essential to the public health, safety, or welfare and which are to be continued by some other existing agency. Effectuates such a plan unless disapproved by Congress.

Continues in effect all rules promulgated by such an abolished agency and judicial proceedings in which such abolished agency is involved unless terminated as provided for by this Act.