Regulatory Flexibility Act

(Reported to Senate from the Committee on the Judiciary with amendment, S. Rept. 95-1322)

Regulatory Flexibility Act - Requires Federal agencies to include the following information in the general notice of a proposed rule: (1) the goals and purpose of the rule; (2) the estimated number of individuals, businesses, organizations, and governmental jurisdictions affected by the rule; (3) a list of the measures necessary for compliance with any reporting requirement affecting more than ten persons; and (4) a statement that the agency seeks alternative proposals which could achieve the goal of the proposed rule at a lower cost to individuals of limited means, small businesses, small organizations, and small governmental jurisdictions.

Outlines several types of alternative proposals the agency should solicit and consider, including proposals which: (1) provide differing compliance standards based upon the resources of those affected; (2) exempt from a rule certain individuals or organizations which, if included, would not be important to realizing the purpose of the rule; and (3) simplify, clarify, or consolidate the requirements of the rule. Requires each agency to publish such proposals with a justification of the selection of the final rule.

Defines a small business, small organization, small governmental jurisdiction, and an individual of limited means as used in this Act.

Directs each agency to publish, within 180 days after enactment of this Act, a plan for the review of its rules. Requires each agency to periodically review its rules to determine whether such rules are efficiently achieving the purpose of the legislation under which they were promulgated.

Requires each agency to publish, each year, a list of the rules it expects to issue or review during the next year.