Federal Realignment and Closure Commission Act - Establishes the Federal Realignment and Closure Commission to assess the effectiveness and accountability of federal agency programs. Requires the Commission to: (1) evaluate all agencies and programs to eliminate duplicative functions and wasteful or inefficient spending or mismanagement; and (2) recommend the realignment or elimination of agencies or programs that have completed their intended purpose, have become irrelevant, or have failed to meet their objectives.
Requires the President to: (1) transmit to the Commission and to Congress a report containing the President's approval or disapproval of the Commission's plan and recommendations, and (2) eliminate or realign all agencies and programs pursuant to the Commission's recommendations approved by the President unless Congress enacts a resolution disapproving such recommendations.