Regulatory Cost Reduction Act

Regulatory Cost Reduction Act - Requires the head of each executive department or independent agency to submit an annual report of the costs of compliance with the rules and regulations of that agency or department (hereinafter referred to as "compliance costs") to Congress, the President, and the Comptroller General. Stipulates that such report must include a list of the measures taken and to be taken to reduce compliance costs by five percent each year or an explanation of any failures to do so.

Directs the President to formulate the criteria for determining compliance costs and to submit such criteria for review by the public and selected offices.

Requires the President and the head of each independent agency to transmit to Congress and the Comptroller General recommendations for reducing compliance costs by five percent for each of the next five years, and to implement those recommendations 60 days after transmittal unless Congress passes a concurrent resolution stating disapproval of the recommendations.