Regulatory Flexibility Act - Requires Federal agencies to include the following information in the general notice of a proposed rule: (1) the goals and purpose of the rule; (2) the estimated number of individuals, businesses, organizations, and governmental jurisdictions affected by the rule; (3) a list of the measures necessary for compliance with any reporting requirement affecting more than ten persons; and (4) a statement that the agency seeks alternative proposals which could achieve the goal of the proposed rule at a lower cost to individuals of limited means, small businesses, small organizations, and small governmental jurisdictions.

Outlines several types of alternative proposals the agency should solicit and consider, including proposals which: (1) provide differing compliance standards based upon the resources of those affected; (2) exempt from a rule certain individuals or organizations which, if included, would not be important to realizing the purpose of the rule; and (3) simplify, clarify, or consolidate the requirements of the rule. Requires each agency to publish such proposals with a justification of the selection of the final rule.

Defines a small business, small organization, small governmental jurisdiction, and an individual of limited means as used in this Act.

Directs each agency to publish, within 180 days after enactment of this Act, a plan for the review of its rules. Requires each agency to periodically review its rules to determine whether such rules are efficiently achieving the purpose of the legislation under which they were promulgated.

Requires each agency to publish, each year, a list of the rules it expects to issue or review during the next year.

Regulatory Flexibility Act - Requires Federal agencies to: (1) assess the costs of private information collection and compliance which are or would be imposed by existing or proposed agency rules; (2) compare such impositions with the importance of the public policy achieved or to be achieved by such rules; and (3) determine whether such rules should apply to the same extent to individuals, and organizations of various sizes and resources. Requires, in the event that it is determined that such proposed rules, will have a substantial effect on any significant number of small businesses, that such rules be submitted to the Office of Advocacy of the Small Business Administration. Requires such Office to comment on the impact of such proposed rules on smaller enterprises. Requires such comments to be made public and available to Federal personnel responsible for reviewing such rules. Directs that proposed rules be issued in two or more parts when the analysis of such rules indicates the desirability of applying varying requirements for performance or reporting depending on the resources of the organization or individual required to comply with such rules.