Establishes the Retrospective Regulatory Review Commission to review the Code of Federal Regulations to identify, using specified criteria, rules and sets of rules that collectively implement a regulatory program that should be repealed to lower the cost of regulation to the economy, giving priority to major rules that: (1) have been in effect more than 15 years, (2) impose paperwork burdens that could be reduced substantially without significantly diminishing regulatory effectiveness, (3) impose disproportionately high costs on small business entities, and (4) could be strengthened in their effectiveness while reducing regulatory costs. 

Sets forth congressional procedures for consideration of recommendations for the repeal of rules in the Commission's reports. Requires agencies to repeal a rule or set of rules as recommended by the Commission within 60 days after the enactment of a joint resolution approving the recommendations in the Commission's reports. Prohibits the reissuance of a rule similar to any rule that has been repealed or that results in the same adverse effects of a repealed rule.

Requires the Commission to: (1) establish a public website to make regulatory information accessible to the public at no cost, and (2) make any of its meetings of hearings open to the public.

Requires a federal agency that makes a new rule to: (1) repeal rules identified by the Commission to offset the cost to the economy of such new rule (cut-go procedures), and (2) include in the final issuance of such rule a plan for reviewing the rule not later than 10 years after it is promulgated. Requires the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget to review and certify the accuracy of agency determinations of the cost of new rules.

Makes agency compliance with the requirements of this Act subject to judicial review.