Federal Agency Rulemaking Procedures Act

[AI summary unavailable — showing source text] Federal Agency Rulemaking Procedures Act - Requires each Federal agency to include in the general notice of a proposed rule: (1) an explanation of the need for such rule; (2) a description and an economic impact analysis of each alternative regulatory or nonregulatory approach to such rule considered by the agency; and (3) a justification of the selection of such rule over such alternative proposals. Directs each agency: (1) to prepare for each proposed rule and alternative proposal an economic impact analysis which analyzes the compliance costs, economic effects, and reporting requirements of such rule and alternatives; and (2) to make such analysis available to the public. Requires the head of each agency to include in the publication of a final rule in the Federal Register a statement that such rule is clearly stated and does not conflict with or unnecessarily duplicate an existing rule. Directs each agency to prescribe rules designed to carry out the requirements of this Act. Establishes the Interagency Review Committee to review such rules and to report its findings to Congress. Directs each agency to: (1) review each of its rules within five years of the date such rule is pre…