Regulatory Policy Act of 1983

Regulatory Policy Act of 1983 - Establishes a Regulatory Cost Information Advisory Committee.

Requires the Committee to advise the Director of the Office of Management and Budget (the Director) regarding: (1) standards for the compilation of information concerning compliance costs and the microeconomic effects of such costs; (2) methods of evaluating the benefits of Federal regulatory activities; and (3) methods of preparing the regulatory budgets in accordance with specified guidelines.

Requires the Director, within 18 months of enactment of this Act, to prescribe standards for data collection to be used by agencies to provide estimates of: (1) costs incurred by economic sectors for complying with Federal regulations; and (2) the microeconomic effects of such costs. Requires the Director to: (1) provide guidelines to evaluate the benefits of Federal regulatory activities; and (2) revise such standards as needed to reflect social, economic and technological changes. Sets forth the general contents of such standards and guidelines.

Requires the annual submission of regulatory budget information by each agency head to the Director, with estimates of compliance costs incurred by specified economic sectors under the laws administered by the agency.

Requires the President to submit an annual regulatory budget to the Congress by a specified date. Sets forth the recommendations, estimates and compliance costs to be included in such budget. Sets forth the proceedings for congressional consideration of the regulaotyr budget.

Specifies sectors of the economy (including State and local government offices engaged in certain activities) which shall be addressed by the Presidents regulatory budget periodically in successive fiscal years.