Independent Regulatory Commission Act

Independent Regulatory Commission Act - Requires presidential appointment by and with the advice and consent of the Senate of chairmen and members of the following agencies (hereinafter referred to as "agencies"): Board of Governors of the Federal Reserve System; Civil Aeronautics Board; Commodity Futures Trading Commission; Consumer Product Safety Commission; Federal Communications Commission; Federal Energy Regulatory Commission; Federal Maritine Commission; Federal Trade Commission; Interstate Commerce Commission; National Labor Relations Board; Nuclear Regulatory Commission; and the Securities and Exchange Commission. Lists the powers of the chairmen of the agencies. Permits the removal of a member of an agency by the President only for inefficiency, malfeasance in office, or neglect of duty.

Requires the agencies to submit to Congress any budget information which is submitted to the President or the Office of Management and Budget. Prohibits the submission for approval by any office of the United States of any communication to Congress respecting legislation of an agency. Requires the agencies to submit to Congress any legislative communication submitted to any office of the executive branch. Places control of civil litigation involving the agencies, except litigation before the Supreme Court, in such agencies.

Exempts appointment of an agency employee from review by any executive branch office except the Civil Service Commission. Prohibits the employment of an agency member by any business regulated by the agency before the member's term of office expires. Prohibits lobbying of an agency by an employee for one year after the employee's last day of service.