Regulatory Reform Act

[AI summary unavailable — showing source text] Regulatory Reform Act - Title I: National Commission on Regulatory Reform - Establishes a National Commission on Regulatory Reform to conduct hearings and otherwise study the regulatory activities of the Federal government which have a significant effect on the economy to determine whether such activities have limited competition, contributed to current economic difficulties, or obstructed innovation. Requires the Commission to study the purposes, effectiveness, costs, and benefits of each such activity and the organizations outside the Government which have the greatest continuing contact with a given regulatory agency. Requires the Commission to submit an interim report to the President and Congress within one year after the appointment of the full Commission and a final report within two years after such appointment. Abolishes the Commission 90 days after the submission of its final report. Title II: Regulatory Cost-Benefit Analysis - Requires each Federal agency to prepare in conjunction with every rule it proposes which may have an impact on costs to the public a Regulatory Cost-Benefit Assessment assessing the foreseeable costs and benefits of such rule. Requires such analysi…