Regulatory Reform Act of 1981

[AI summary unavailable — showing source text] Regulatory Reform Act of 1981 - Amends the Administrative Procedure Act to require the notice of proposed agency rulemaking to include: (1) an agency solicitation for public proposals for alternative methods of achieving the regulatory objective; (2) a description of the data on which the agency will rely in the rulemaking; and (3) a determination of whether the rule is a "major rule" as defined in this Act. Directs each agency to publish with such notice: (1) a description of the costs and benefits of and alternatives to the proposed rule; and (2) a justification for proposing the rule and selecting it over the alternatives. Requires agencies to give interested persons at least 60 days to submit written comments on any proposed rule, and oral comments on major rules. Provides for a 30-day extension of such period. Directs each agency to publish with each final rule a statement of the basis and purpose of the rule which includes an assessment of the public comments on the rule and a comparison of the costs, benefits, and adverse effects of the rule. Requires an agency officer or employee to prepare the rulemaking notice and the statement of the basis and purpose of a rule. Directs …