Regulatory Reform Act

Regulatory Reform Act - Amends the Administrative Procedure Act to exempt from its applicability any rule involving public property, contracts, or general policy statements of the Tennessee Valley Authority.

Requires a notice of proposed rulemaking to include: (1) a statement of need and objectives; (2) a statement that the agency seeks public proposals of alternative methods; and (3) a solicitation of comments from State and local governments on the expected costs to such governments resulting from the rule.

Allows an agency to adopt a final rule before providing notice and an opportunity for public comment if complying with such procedures would be impracticable or contrary to the public interest. Requires compliance within a specified period after such a rule is adopted.

Directs each agency to give interested persons at least 60 days to submit written comments on a proposed rule. Requires a 15-day extension of such period if there has been inadequate opportunity for comment on central issues.

Requires agencies to publish with each final rule a notice of its effective date and a statement of its basis and purpose, including: (1) a discussion of significant issues raised by public comments; and (2) an explanation of the agency's factual determinations, with a description of the data on which the agency relied.

Directs each agency to maintain a public file of the paperwork, data, and comments pertaining to each rulemaking.

Requires each agency: (1) prior to publishing a notice, to determine whether a proposed rule is a "major rule", as defined in this Act; and (2) to include an explanation of the agency's determination in the notice. Authorizes the President or a designated officer to determine that a rule is a major rule within 30 days after publication of the rulemaking notice.

Requires an agency to issue, to enter into the rulemaking file, and to publish in summary form, a preliminary rulemaking analysis of each proposed major rule. Provides 60 days for public comment on such analysis. Lists the contents of such analysis, including: (1) a description of quantifiable and nonquantifiable costs and benefits; (2) a description of reasonable alternatives; (3) a description of agency action to verify data; and (4) an explanation of why the rule chosen is more cost effective than the alternatives. Directs the agency to issue a final regulatory analysis upon publishing a final major rule, to place such analysis in the rulemaking file, and to summarize such analysis in the statement of the basis and purpose of the rule.

Authorizes the President to establish procedures for agency compliance with the determination and with the regulatory analysis requirements of major rules, and to oversee implementation of such procedures. Specifies and restricts the President's authority over major rules proposed by independent regulatory agencies. Directs the President to report to Congress annually on agency compliance with the determination and analysis requirements of this Act, and with the regulatory flexibility analysis requirements of the Administrative Procedure Act.

Authorizes the head of every Federal agency to certify and utilize State or local government regulations, procedures, and recordkeeping or reporting requirements that duplicate Federal regulations, procedures, or requirements.

Requires that the public be allowed to present oral comments at informal public hearings on proposed major rules.

Requires each agency to review its major rules every ten years. Directs each agency to publish and submit to the President a proposed schedule, and to publish a final schedule within one year after enactment of this Act. Permits the President to select additional rules for review.

Directs each agency to publish a notice of its proposed action regarding a reviewed rule. Requires that the notice: (1) assess the costs and benefits of the rule; and (2) invite public proposals for modifications or alternatives. Requires an agency to follow normal rulemaking procedures when amending or rescinding a rule. Specifies procedures for renewing a rule without amendment.

Requires each agency to publish in the Federal Register, semiannually, an agenda of the rules the agency expects to propose, promulgate, renew, or withdraw within the next twelve months, including a schedule of the significant actions pertaining to each rule and a summary of the status of the rules listed on the previous agenda. Directs the President to publish, semiannually, a Calendar of Federal Regulations, listing each of the major rules included in such agenda.

Directs each agency to include in the notice of proposed rulemaking the date by which the agency intends to complete action on the rule.

Requires the President to submit to Congress an annual report on the regulatory activities of the Government. Requires that the report include estimates of the costs and benefits to each major sector of the economy of all major rules: (1) promulgated during the preceding year; (2) included in the regulatory agenda for the preceding year; or (3) scheduled for review.

Directs a court reviewing an agency action to determine the authority or jurisdiction of the agency on the basis of the language of the authorizing statute or other evidence of legislative intent.

Declares that when proceedings for review of the same agency action are instituted in two or more courts of appeals within ten days, the Administrative Office of the United States Courts shall select, by a system of random selection, the court in which the record shall be filed. Authorizes the courts to postpone the effective date of the agency action until after such selection is made.

Prohibits any agency from using appropriated funds to pay the expenses of anyone participating or intervening in agency proceedings, except as provided under specified acts.

Amends the Federal Advisory Committee Act to exclude from the definition of "advisory committee" for purposes of such Act any group composed wholly of elected State or local officials or their representatives.