Interim Regulatory Reform Act-Federal Trade Commission and Consumer Product Safety Commission

(Measure indefinitely postponed in Senate, H. R. 3816 passed in lieu)

Interim Regulatory Reform Act - Federal Trade Commission and Consumer Product Safety Commission. =Title I: Federal Trade Commission= - Amends the Federal Trade Commission Act to direct the Chairman of the Federal Trade Commission to submit to the Congress a proposal setting forth a recodification of all the rules which the Commission has issued and which are presently in effect or proposed.

Requires the Commission to submit with each recodification proposal economic, paperwork, and judicial impact analyses of the probable consequences of each rule proposed to be recodified. Requires that each recodification proposal be published in the Federal Register.

Requires the Commission to either grant or deny petitions from persons for the commencement of proceedings for the issuance, amendment, or repeal of any order, rule, or regulation under the jurisdiction of the Commission within 120 days after the receipt of such petition. Stipulates that if such a petition is denied or no action is taken on such petition within the 120 day period the Commission shall publish in the Federal Register its reasons for such denial or inaction.

States that if the Commission fails to act or denies a petition the petitioner may commence a civil action in an appropriate United States Court of Appeals for an order directing the Commission to institute proceedings regarding such petition. Sets forth standards for the Court to follow regarding such civil actions.

Requires the Commission, when submitting any budget estimates, requests, or information or any legislative recommendations testimony or comments on legislation to the President or the Office of Management and Budget, to transmit a copy to the Congress.

Directs the Commission, whenever a duly authorized committee of the Congress which has responsibility for the authorization of appropriations for the Commission makes a written request for documents in the possession or subject to the control of the Commission to submit such documents to the Committee. Requires the Commission to notify such committee if the documents cannot be made available during such period. Stipulates that in the event the documents are not in the possession of the Commission, the Commission shall notify such committee as to why it does not have such documents and inform the Committee of where the documents might be located.

States that the appointment of the Chairman of the Commission by the President requires the confirmation of the Senate.

Prohibits any Commissioner from engaging in any other business, vocation, or employment while serving as a Commissioner. Prohibits Commissioners or employees of the Commission at a GS-15 level or above from performing certain activities with intent to influence the Commission, for specified periods of time after the termination of service with the Commission.

Provides that appointments of employees to the Commission at levels of GS-16, GS-17, or GS-18 shall not be subject to approval by any other officer or agency of the Federal Government.

Authorizes appropriations for the Federal Trade Commission for fiscal years 1978-1981. Permits the Commission to appoint 25 additional persons to attorney, economist, special expert and outside counsel positions. Amends the Act to allow review of cease and desist orders only in the court of appeals for the circuit within which the appellant resides or maintains its principal place of business or in the U.S. Court of Appeals for the District of Columbia. States that cease and desist orders of the Commission shall become final 60 days after issuance in spite of the filing of a petition for review unless such order be stayed by the Commission, an appropriate court of appeals, or the Supreme Court.

Provides for a contempt citation or civil penalty for failure to comply with a Commission subpoena or order. Precludes an action to stay accumulation of any civil penalty until service of the notice of default by the Commission. Sets forth limits on the courts' power to hold invalid or enjoin the Commission from enforcing a subpoena or order. Permits the Commission to bring suit for equitable relief in a district court.

Permits the Commission to accept gifts and uncompensated services, notwithstanding other statutory prohibitions.

Amends the Textile Fiber Products Identification Act to continue the exemption for the Act for furniture, mattress and box spring outer covers, but permits the Commission to require care labeling for the outer coverings of furniture.

Places the regulation of savings and loan organizations under the exclusive jurisdiction of the Federal Home Loan Bank Board to the extent that the board is authorized to prohibit unfair methods of competition and deceptive acts or practices which affect commerce. Requires the Board to issue regulations prohibiting acts or practices of banks which are substantially similar to those acts prohibited by the Commission. Requires the Board to establish a consumer affairs division to carry out enforcement responsibility and take appropriate action upon complaints regarding unfair actions by savings and loan associations.

=Title II: Consumer Product Safety Commission Improvements= - Amends the Consumer Product Safety Commission Act to direct the Chairman of the Consumer Product Safety Commission to submit to the Congress a proposal setting forth a recodification of all the rules which the Commission has issued and which are presently in effect or proposed.

Requires the Commission to submit with each recodification proposal economic, paperwork, and judicial impact analyses of the probable consequences of each rule proposed to be recodified. Requires that each recodification proposal be published in the Federal Register.

Directs the Commission, whenever a duly authorized committee of the Congress which has responsibility for the authorization of appropriations for the Commission makes a written request for documents in the possession or subject to the control of the Commission, to submit such documents to the Committee. Requires the Commission to notify such committee if the documents cannot be made available during such period. Stipulates that, in the event the documents are not in the possession of the Commission, the Commission shall notify such committee as to why it does not have such documents and inform them of where such documents might be located.

Prohibits any Commissioner from engaging in any other business, vocation, or employment while serving as a Commissioner. Prohibits Commissioners or employees of the Commission at a GS-15 level or above from representing any person in a professional capacity in matters before the Commission for a period of two years after the termination of service with the Commission.

States that the Chairman of the Commission shall be appointed by the President with the advice and consent of the Senate.