Regulatory Agency Self-Destruct Act

Regulatory Agency Self-Destruct Act - Provides that each Federal regulatory agency is abolished as of noon July 4, 1976, unless, prior to such date: (1) the President conducts an investigation of the agency's overall performance (including, but not limited to a study of the agency's effectiveness in accomplishing its general purposes and promoting the public welfare), makes public a report on the findings of the investigation and recommends to the Congress that such agency or agencies should not be abolished; (2) the relevant committee or committees of the House and Senate conduct an inquiry into the performance and effectiveness of the agency or agencies and make public a report of such findings, conclusions, and recommendations; and (3) the Congress adopts a concurrent resolution disapproving the abolition of the agency or agencies.

Defines "Federal regulatory agency" to mean any of the following: (1) the Civil Aeronautics Board; (2) the Federal Communications Commission; (3) the Federal Maritime Commission; (4) the Federal Power Commission; (5) the Federal Trade Commission; (6) the Interstate Commerce Commission; (7) the Securities and Exchange Commission; (8) the Consumer Product Safety Commission; and (9) the Nuclear Regulatory Commission.

Provides that each Federal regulatory agency not abolished by the above procedure, or any successor agency established pursuant to this Act, shall be abolished on July 4, 1983, except that those agencies which have been in existence for 25 years or less shall be abolished on July 4, 1991, unless the President and the Congress take action as described above to disapprove such abolition.

States that each regulatory agency established by the Congress on or after July 1, 1974, shall be abolished fifteen years from the date on which it is first empowered to exercise its functions and duties according to the Act creating such agency unless the President and the Congress take such action as described above to disapprove such abolition.

Requires that before January 2, 1976, and on or before a date six months prior to each date of abolition of an agency as specified in this Act, the President shall prepare and submit to the Congress a plan for the orderly transfer of such functions, powers, and duties, if any, as are determined by the President to be essential to the public health, safety, or welfare, from an agency, which is subject to the termination provisions of this Act, to the President or to a successor agency designated by the President.

Provides that all orders, determinations, rules, regulations, permits, certificates, licenses, contracts, rates, and privileges which have been issued, made, granted, or allowed to become effective by a Federal regulatory agency abolished by this Act or by any court of competent jurisdiction, under any provision of law affected by this Act, and which are in effect at the time these provisions take effect, shall continue in effect according to their terms until modified, terminated, superseded, set aside, or repealed by the President, the head of a designated successor agency or by any court of competent jurisdiction, or by operation of law.