Unnecessary Agency Regulations Reduction Act This bill requires the Office of Information and Regulatory Affairs to annually report a list of major rules (i.e., rules with a significant economic impact, cost to consumers, or adverse effects on competition) that it recommends should be modified, consolidated, or repealed because they are outdated, duplicative, or incur excessive compliance costs. Congress must review the list to determine, and recommend by joint resolution, any such rules to modify, consolidate, or repeal.