Midnight Rule Relief Act of 2012 - Prohibits a federal agency (excluding the Federal Election Commission [FEC], the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation [FDIC], and the U.S. Postal Service [USPS]) from proposing or finalizing any midnight rule that would likely result in: (1) an annual effect on the economy of $100 million or more; (2) a major increase in costs or prices; or (3) significant adverse effects on competition, employment, investment, productivity, innovation, or the ability of U.S.-based enterprises to compete internationally.
Defines "midnight rule" as an agency statement of general applicability and future effect that is issued during the moratorium period, that is intended to have the force and effect of law, and that is designed to: (1) implement, interpret, or prescribe law or policy; or (2) describe the procedure or practice requirements of an agency. Defines the "moratorium period" as the day after the Tuesday next after the first Monday in November in every fourth year succeeding a presidential election through January 20 of the following year in which a President is not serving a consecutive term.
Exempts any midnight rule that the President determines is necessary: (1) because of an imminent threat to health or safety or other emergency, (2) to enforce criminal laws, (3) to protect U.S. national security, or (4) to implement an international trade agreement.