Cost Assessment Act

Cost Assessment Act - Requires each Federal agency to prepare and include in the publication in the Federal Register of each proposed and final rule which may have a significant economic impact on costs to the public, a Regulatory Cost/Benefit Assessment of such rule. Permits emergency rules to be promulgated without such an assessment, provided one is prepared within 60 days of promulgation.

Directs the President to prepare and submit to Congress, within 120 days after enactment of this Act, guidelines for preparing such assessments.

Requires agencies to review existing rules, upon their own motion or upon petition of any interested person, to compare costs and benefits to the public of such rules.

Requires each committee of Congress to include such an assessment in the committee report of any legislation which may have a significant economic impact.