A bill entitled, "The Financial Regulation Simplification Act of 1979".

States the findings of Congress with respect to the utility of regulations issued by Federal financial regulatory agencies.

Requires regulations issued by Federal financial regulatory agencies to insure that: (1) the need for and purpose of such regulations are clearly established; (2) meaningful alternatives to the issuance of regulations are considered; (3) compliance costs, paperwork, and other costs are kept at a minimal level; (4) conflicts, duplications and inconsistencies between regulations are avoided; (5) opportunities for comment by interested parties are made available; and (6) the language of such regulations is clear and simple.

Directs Federal financial regulatory agencies to establish a program which assures periodic review of existing regulations.

Requires all Federal financial regulatory agencies to submit reports outlining their progress in implementing financial regulation simplification to the appropriate committees of the House of Representatives and the Senate.

Terminates the provisions of this Act five years after its effective date.