Red Tape Reduction Act

Red tape Reduction Act - Authorizes the President, upon the request of an agency head, to delay for a period of up to one year, by issuing an executive order subject to disapproval by Congress, the effective date required by law for the promulgation of rules or regulations if additional time is required to collect data or consult with affected parties. Requires notices of proposed rulemaking to be published in appropriate publications in addition to the Federal Register whenever such publication would substantially improve notification to those parties significantly affected by the proposed rule. Requires such notice to include an estimate of the projected paperwork burden involved in complying with the proposed rule.

States that the drafting stage of the rule shall not be less than 30 days in duration. Increases from 30 days to 45 days the length of time which must lapse between the publication of a substantive rule and its effective date.