Economic Impact Statement Act

Economic Impact Act - Requires, under the Congressional Budget Act of 1974, the Congressional Budget Office to prepare for each public bill or resolution reported by a congressional committee an estimate of the costs which would be incurred by the Federal Government, State and local governments, and nongovernmental entities in carrying out such bill or resolution in the fiscal year in which it is to become effective and in each of the four fiscal years following such fiscal year, together with the basis for each estimate.

Requires any Federal agency proposing any rule or change to an agency rule to submit to Congress a report summarizing such rule, its effects, and an estimate of the costs to be incurred by the Federal Government, State and local governments, nongovernmental entities, and by individuals, including consumers of such products or services affected by such rule or change in carrying out such rule or change in the fiscal year in which it is to become effective and each of the four fiscal years following such fiscal year, together with the basis for such estimate.