Rulemaking Improvements Act

Rulemaking Improvements Act - Amends the Administrative Procedure Act to revise the definition of the term "rule" to include an agency statement which is applied in a manner which has the effect of implementing, interpreting, or prescribing law or policy. Defines the term "emergency rule" as a rule which becomes effective prior to the expiration of the time period required by such Act for public notice of and participation in agency rulemaking and for which the agency publishes a statement finding that a delay in the effective date would seriously harm a person, property, or the public interest.

Requires general notice of a proposed rulemaking to be published or served at least 60 days before the effective date of the rule. Requires that such notice include: (1) a description of each significant benefit likely to be achieved by the rule; (2) a description of the significant costs and adverse effects likely to be incurred by the public and the private sectors as a result of the rule; (3) an explanation of how such benefits will outweigh such costs and adverse effects; (4) a description of all reasonable alternative public or private means of achieving such benefits; and (5) an explanation of why such benefits cannot be achieved by means other than promulgation of the rule.

Exempts emergency rules from such general notice requirements. Limits the duration of emergency rules to 60 days.

Requires each agency to provide interested persons: (1) at least 30 days to participate in a rulemaking proceeding; and (2) an opportunity to present evidence orally and to cross-examine agency experts at such a proceeding.

Prohibits any rule from becoming effective unless the responsible agency determines that: (1) the benefits outweigh the costs and adverse effects of the rule; and (2) the proposed rule will achieve such benefits at the lowest cost and with the fewest adverse effects of any alternative approach identified. Directs the agency to include an explanation of such determination with the publication of the final rule in the Federal Register.