A bill entitled, "The Financial Regulation Simplification Act".

Directs the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Home Loan Bank Board, and the National Credit Union Administration to periodically review and revise their regulations to assure that such regulations: (1) are necessary and clearly written; (2) are adopted in a manner that gives consideration of alternatives; (3) minimize compliance costs and other burdens to financial institutions and the public; (4) avoid duplication and inconsistencies; (5) provide the opportunity for comment by other Federal agencies, appropriate State and local agencies, financial institutions, and consumers.

Directs such Federal agencies to submit reports on the implementation of this Act to specified Congressional committees not later than six months after the effective date of this Act.

Terminates this Act five years after its effective date.