Regulatory Flexibility and Reform Act

Regulatory Flexibility and Reform 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 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; and (4) a list of the measures necessary for compliance with any reporting requirement affecting more than ten persons.

Requires Federal agencies to accept and consider alternative proposals to a proposed rule and to publish those proposals with 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. Authorizes the Comptroller General to advise and assist the agencies in making rules.

Terminates after seven years any rule in effect before the enactment of this Act.