Gulf Deregulation Act - Establishes the Gulf Deregulation Commission to: (1) identify federal, state, and local regulations that have the effect of impeding recovery and relief efforts in Hurrican Katrina or Hurricane Rita disaster areas; and (2) recommend the temporary suspension of a federal regulation, or part of one, for a maximum 18-month period if it impedes the reconstruction and recovery of any hurricane disaster area and imposes a restriction or mandate on public-sector, private-sector, or nonprofit activity.
Requires the President to suspend any federal regulation, as recommended by the Commission, unless Congress disapproves of such suspension.
Sets forth congressional procedures for consideration of a joint resolution disapproving the Commission's recommendations.
Allows reinstatement of a suspended regulation by its administering department or agency pursuant to a determination that the benefits of the reinstatement outweigh the costs. Subjects such determination to direction from or reversal by the President.