Regulatory Reform Act

[AI summary unavailable — showing source text] Regulatory Reform Act - Exempts any rule involving public property, contracts, or general policy statements of the Tennessee Valley Authority from agency rulemaking requirements. Repeals the current exemption provided for matters relating to loans, grants, and benefits. Requires a notice of proposed rulemaking to include: (1) a statement of need and objectives; (2) a statement that the agency seeks proposals of alternative methods from the public and State and local governments; (3) a description of the information on which the agency plans to rely in the rulemaking; and (4) a statement specifying where copies of the rulemaking file may be obtained. Allows an agency to adopt a rule before publishing notice, providing a period for public comment, or establishing a rulemaking file, when notice or hearing is not required by another statute, if: (1) it publishes its findings that compliance with such procedures before the rule becomes effective would be impracticable and contrary to the public interest; and (2) it completes such procedures as soon as practicable after the rule is promulgated. Requires an agency to publish a notice and allow a period for comment on any final rule which …