Risk Assessment and Cost-Benefit Analysis Act of 1995

Risk Assessment and Cost-Benefit Analysis Act of 1995 - Directs the head of each covered Federal agency, in exercising authority under any Federal law to protect human health and the environment, to: (1) conduct risk assessment and cost-benefit analysis for all major rules protecting human health and the environment; (2) demonstrate that for all major rules the benefits to human health or the environment justify the costs; (3) publish with each final rule an identification of the most flexible and cost effective regulatory option and, if those options are not employed, an explanation justifying why; (4) prioritize threats to human health, safety, and the environment according to the seriousness of the risk they pose and the opportunities available to achieve the greatest overall net reduction in those risks with the public and private resources available; (5) prioritize the use of resources available to the agency under those laws to reduce those risks in accordance with such threat priorities (including applying the priorities to the budget, strategic planning, and research activities of the agency); and (6) apply peer review to each risk assessment and each cost-benefit analysis that may have a significant impact on that exercise of authority. (Sec. 5) Establishes in each covered agency an Office of Risk Assessment and Cost-Benefit Analysis. Sets forth provisions for the Office: (1) Director, who shall be a Deputy Assistant Secretary or Deputy Assistant Administrator of the agency; (2) scientific peer review; (3) use of services and consultation; (4) issuance and use of risk assessment guidelines; (5) use of cost-benefit analysis before issuance any major rule; and (6) research and training in risk assessment, with evaluations and reports. (Sec. 6) Directs the head of each covered agency, acting through the agency's Office Director, to ensure that all risk characterizations make apparent the distinction between data and policy assumptions to facilitate interpretation and appropriate use of the characterization by decisionmakers. Sets forth required minimum contents for risk characterizations. (Sec. 7) Requires the Director of the Office of Science and Technology Policy to carry out specified interagency coordination activities with respect to risk assessment. (Sec. 8) Amends the National Environmental Policy Act of 1969 and the Federal Nonnuclear Energy Research and Development Act of 1974 to require the Director of the Office of Science and Technology, rather than the President, to transmit an annual Environmental Quality Report. (Sec. 9) Provides that nothing in this Act shall be construed to modify any requirement or standard provided for in another provision of law that provides for risk assessment or is designed to protect health, safety, or the environment. (Sec. 10) Defines a major rule as any rule that is likely to result in an annual effect on the economy of $25 million or more. Makes the following covered agencies under this Act: (1) the Environmental Protection Agency; (2) the Consumer Product Safety Commission; (3) the Occupational Health and Safety Administration; (4) the Department of Labor; (5) the Department of Transportation; (6) the Department of Energy; (7) the Department of Agriculture; (8) the Department of the Interior; and (9) the Nuclear Regulatory Commission.