Regulatory Reform Act of 1979

Regulatory Reform Act of 1979 - Requires the President to submit to Congress a plan recommending reforms with respect to the regulation, by specified Federal agencies, of: (1) banking and finance by March 31, 1980; (2) energy and the environment by March 31, 1981; (3) commerce, transportation, and communications by March 31, 1982; (4) food, health and safety, and trade practices by March 31, 1983; and (5) labor, housing, Government procurement, and small business by March 31, 1984. Directs that each plan establish more efficient organizational and administrative forms for the regulation of commerce and include provisions necessary to modify or abolish existing agencies and functions so as to eliminate overlapping regulatory jurisdictions and anti-competitive regulations.

States that if the President fails to submit such plans by the specified dates, the committees of Congress which have legislative jurisdiction over such areas, in cooperation with the respective committee on Government Operations of the House or the Senate, shall draft their own plans to be submitted to Congress for action.

States that if no comprehensive reform legislation is enacted by December 31 of the year in which a reform plan is submitted by the President: (1) the President's plan as submitted shall become effective on March 15 of the following year unless it is disapproved by Congress; and (2) all the rules of agencies affected by such plan shall expire on June 30 of the following year.