Red Tape Reduction and Small Business Job Creation Act

[AI summary unavailable — showing source text] Regulatory Freeze for Jobs Act of 2012 - Prohibits any federal agency from taking any significant regulatory action until the Bureau of Labor Statistics (BLS) reports a monthly unemployment rate equal to or less than 6.0%.   Defines as "significant" any regulatory action that is likely to: (1) have an annual cost to the economy of $100 million or more or adversely affect the economy, productivity, competition, jobs, the environment, public health or safety, small entities, or state, local, or tribal governments or communities; (2) create a serious inconsistency or otherwise interfere with another agency's action; (3) materially alter the budgetary impact of entitlements, grants, user fees, or loan programs or the rights and obligations of recipients thereof; or (4) raise novel legal or policy issues. Permits an agency to take a significant regulatory action if the President determines that such regulatory action is: (1) necessary because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, or for U.S. national security; or (2) issued to implement an international trade agreement. Allows judicial review of chall…