Privacy of Research Records Act - Stipulates that Federal agencies and contractors, and grantees of agency research records shall be confidential. Prohibits the use of such individually identifiable records to directly affect the subjects of such record. Prohibits disclosure of such records without the prior written consent of the individual, except under specified circumstances. Requires Federal agencies, contractors, and grantees to notify the subjects of their research records of the possibilities of disclosure in most circumstances. Sets forth limits on recontacting the subjects of research records. Prohibits the direct or indirect use of research records in judicial, administrative, or legislative proceedings in most circumstances. Directs agency heads to identify records as research records before collecting information from individuals. Requires Federal contractors and grantees to establish and maintain procedures protecting research records. Provides for criminal penalties, civil liability, and administrative sanctions for violations of these provisions. Stipulates that statutes providing greater protections to individual privacy are not inconsistent with this Act. Revises the restrictions on the disclosure of information to researchers. Exempts research records from specified provisions concerning records maintained on individuals. Requires the President to report to Congress regarding the records covered by such exemption. Requires Federal agency heads to designate research records before collecting information from individuals.