Effective Prosecution and Public Safety Act of 1998 - Amends Federal criminal code to provide that provisions regarding bribery of public officials and witnesses shall not be construed to apply to any otherwise lawful giving, promising, or offering by a prosecutor of leniency, witness protection, or any other thing of value within the reasonable exercise of prosecutorial discretion in exchange for the testimony of any person, including any: (1) offer or grant of immunity from prosecution; (2) offer to advise a court or parole board of the extent of the cooperation by the person with the prosecutor, or any advice so given; or (3) plea bargain agreement.

Declares that nothing in such provisions, or any other provision of law, shall be construed to prohibit such activity. Makes this section retroactive to October 23, 1962.