Special Prosecutor Act

Special Prosecutor Act - Directs the Attorney General to conduct an investigation upon receiving specific information that any of specified campaign chairmen or Federal officials, including the President, the Vice President, Members of Congress, officials in positions listed Level I of the Executive Schedule, and certain officials in the Executive Office of the President, has violated Federal criminal law involving campaign financing, obstruction of justice, abuse of office, or fraud against the United States.

Provides for appointment of a special prosecutor by a panel composed of judges of the United States Court of Appeals for the District of Columbia upon application of the Attorney General. Empowers a majority of either majority or minority party members of either the House or Senate Judiciary committees to request the Attorney General to make such an application.

Grants a special prosecutor full and independent authority to exercise all investigative and prosecutorial functions with respect to matters within his jurisdiction as defined by the appointing panel.

Requires a special prosecutor to promptly advise the House of Representatives of any substantial and credible evidence that may constitute grounds for an impeachment.

Directs the Attorney General to promulgate rules and regulations requiring any officer or employee of the Department of Justice to disqualify himself from participation in a particular investigation or prosecutor if participation may result in a conflict of interest or appearance thereof.