Regulatory Reform Act of 1981

Regulatory Reform Act of 1981 - Amends the Administrative Procedure Act to authorize Federal agencies to issue temporary emergency rules and statements of particular applicability pursuant to a ratemaking, licensing, or other adjudicatory proceeding without regard to notification, public participation, cost-benefit analysis, and recordkeeping requirements for rulemaking.

Directs each agency to publish the notice of a proposed rulemaking proceeding at least 90 days before the effective date of the rule. Requires that such notice describe: (1) the likely benefits, costs, and adverse effects of the rule (in quantifiable terms where possible); (2) all reasonable public and private alternatives; (3) how the rule's benefits outweigh its costs and adverse effects; and (4) the agency's sources of information.

Requires an agency to give interested persons, at least 60 days after publication of such notice, to present written and oral data and arguments concerning the rule. Provides for the cross-examination of witnesses to resolve critical issues.

Authorizes an agency to promulgate a rule only if its benefits outweigh its costs and adverse effects, and if the rule offers the lowest costs and fewest adverse effects of all alternative proposals. Directs an agency to publish with each final rule a statement describing such costs, benefits, effects, and alternatives, and summarizing public comments and consequent rule changes.

Directs each agency to maintain a file constituting the record of each rulemaking proceeding for purposes of judicial review.

Terminates all existing agency rules five years after enactment of this Act, and all rules to be promulgated five years after they take effect, unless renewed by the agency. Permits an agency to renew only those rules that: (1) did and will achieve benefits outweighing their costs and adverse effects; and (2) were and will be the most cost-effective of alternatives.