Regulatory Reform Act of 2012 - Directs the Administrator of the Office of Information and Regulatory Affairs in the Office of Management and Budget (OMB), not later than October 1 every four years, to post online and submit to Congress a report to be known as the Federal Regulatory Reform Report. Requires such Report to contain: (1) a list of rules that are determined to be outmoded, duplicative, ineffective, or excessively burdensome; (2) a list of recommendations to consolidate, modify, simplify, or repeal such rules and a description of the justification for and impact of such recommendations; and (3) an analysis of how the costs of such rules outweigh their benefits.
Directs the Administrator to: (1) use certain resources such as agency action plans, agency reports, and executive orders in preparing the Report; (2) publish the Report in the Federal Register for public notice and comment at least 60 days before its submission to Congress; and (3) consult with the President, relevant committees of Congress, and other federal officials before submitting the Report.
Requires the President to submit to Congress a legislative proposal for carrying out all or some of the recommendations contained in the Report. Sets forth congressional procedures for consideration of the President's proposal.