Commission on the Accountability and Review of Federal Agencies Act - Establishes the Commission on the Accountability and Review of Federal Agencies. Requires such Commission to evaluate federal agencies and their programs each year for a six-year period to determine whether: (1) two or more agencies or programs are performing the same essential function and such function can be consolidated or streamlined; (2) any agency or program has wasted federal funds by egregious spending, mismanagement of resources and personnel, or use of funds for personal benefit or the benefit of a special interest group; and (3) any agency or program has completed its intended purpose, has become irrelevant, or has failed to meet its objectives. Requires the realignment or elimination of such agencies or programs.

Requires the Comptroller General (GAO) to report to Congress on the effectiveness of the Commission. Sets forth procedures for consideration and implementation by Congress of Commission recommendations.