Federal Regulation Reduction Act

Federal Regulation Reduction Act - Requires the head of each executive agency and each independent regulatory agency to reduce the cost to small businesses, farms, and ranches of complying with the major rules and information collection requirements of such agency on October 1, 1981, by 25 percent by October 1, 1984.

Directs the President to submit to Congress: (1) agency progress reports; and (2) annual reports on the estimated benefits and compliance cost to small businesses, farms, and ranches of each agency's major rules and information collection requirements that were issued or effective during the preceding year and that will be in effect during the current year.