Regulatory Flexibility Reform Act of 2005 - Revises the Regulatory Flexibility Act. Defines the "economic impact" of a rule to include any economic effects on small entities.
Requires initial regulatory flexibility analyses of a proposed rule to contain a detailed statement estimating the additional cumulative economic impact of the proposed rule on small entities beyond that already imposed on the class of small entities by the agency or explaining why such an estimate is not available. Requires an agency to notify the Chief Counsel for Advocacy of the Small Business Administration of any draft rules that may have a significant economic impact on a substantial number of small entities either: (1) when the agency submits a draft rule to the Office of Information and Regulatory Affairs at the Office of Management and Budget under Executive Order 12866, if that order requires such submission; or (2) if no submission to the Office of Information and Regulatory Affairs is so required, at a reasonable time before publication of the rule by the agency.
Requires that final regulatory flexibility analyses include the agency's response to any comments filed on a rule by the Chief Counsel and a detailed statement of any changes made as a result. Requires publication of analyses on agency websites.
Revises provisions requiring the publication by each agency of a plan for the periodic review of its rules that have a significant impact on a substantial number of small entities to determine whether such rules should be continued, changed, or rescinded.
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