Regulatory Accountability Act of 1979

Regulatory Accountability Act of 1979 - Prohibits either House of Congress from considering any bill or joint resolution reported from committee, any amendment thereto, or any conference report unless such legislation is accompanied by a regulatory impact statement. Requires each such statement to include: (1) an estimate of the number of individuals and businesses which would be regulated; (2) a determination of the economic impact of the proposed legislation on such regulated persons and on consumers; (3) an evaluation of the impact of such legislation on the personal privacy of affected individuals; and (4) a determination of the paperwork impact of such legislation.

Allows the Committee on Rules of the House of Representatives to report a resolution waiving such prohibition if the Committee determines that emergency conditions require such a waiver. Permits the chairman of a committee of the Senate reporting a bill, the proponent of an amendment, or the chairman of a conference committee to introduce such a resolution to be referred to the Committee on Rules and Administration of the Senate. Directs such Committee to report the resolution, accompanied by the Committee's recommendations, to the Senate within ten days. Sets forth Senate procedure for consideration of such resolution.

Requires the President or the head of any Federal agency to include a regulatory impact statement with any legislative recommendation, testimony, or comments on legislation transmitted to Congress.

Directs each agency head to: (1) publish a regulatory impact statement in the Federal Register with the notice of any proposed rule or regulation which is likely to have an effect of $1,000,000 or more on the economy in any one year; and (2) transmit a copy of such statement and rule to Congress. Permits an agency head to waive such requirements when an emergency situation or time restrictions make compliance with such requirements impracticable.

Directs the Comptroller General to: (1) assist any committee or Member of Congress in preparing a regulatory impact statement; and (2) transmit to Congress a biennial report comparing the regulatory impact statements required by this Act with the actual regulatory impact of any legislation or regulations.