Economic Impact Act of 1977

Economic Impact Act of 1977 - Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office to prepare an economic impact statement for each bill or joint resolution reported in Congress, for each amendment proposed on the floor in either House, and for each rule proposed by any Federal agency.

Requires such statement to contain the direct and indirect effects of such proposed law on employment, production, and inflation, and the costs to be incurred by the Government for the fiscal year in which it is proposed or reported and each of the five fiscal years following such fiscal year. States that the effects referred to in this Act as they apply to agency rules shall include effects on State and local governments, major industrial sectors of the economy, the availability of consumer goods, low- and middle-income families, and small business. States that such statement applying to an agency rule shall be distributed as soon as possible but not later than 30 days before such rule is to become effective.