Federal Program Sunset Commission Act - Establishes the Federal Program Sunset Commission to evaluate the efficiency and public need for each federal program using specified criteria. Requires the Commission to: (1) submit to Congress and the President an annual report containing a list of federal programs that the Commission recommends to be abolished or reorganized and draft legislation to carry out the Commission's recommendations, and (2) monitor the implementation of laws relating to its recommendations for the abolishment or reorganization of such programs. Requires that all federal programs the Commission recommends for abolishment be abolished, unless reauthorized by Congress.
Requires the Comptroller General and the Director of the Congressional Budget Office (CBO), in consultation with the Director of the Congressional Research Service (CRS), to prepare an annual inventory of programs within each federal agency to advise and assist Congress and the Commission in carrying out this Act.