Citizen Legislator Act of 2012 - Amends the Legislative Reorganization Act of 1946 (LRA) to reduce the salaries of Members of Congress to 50% of the ordinary rate for pay periods occurring during FY2012, as adjusted by statutory pay adjustments.

Amends the House of Representatives Administrative Reform Technical Corrections Act to limit for FY2013 the aggregate amount made available for the following entities to 50% of the amount appropriated or otherwise made available for FY2012: (1) Members' Representational Allowances; and (2) salaries and expenses of congressional leadership offices, Senate offices, and congressional standing and joint committees.

Amends the LRA to reduce by 10% the annual rate of pay for Members of Congress for every five days over 60 that their respective chamber is in session, unless its solely on a pro forma basis, during a session of Congress.

Amends Rule XXV (Limitations on Outside Earned Income and Acceptance Gifts) of the Rules of the House of Representatives to allow Members of the House to earn outside income attributable to a calendar year that exceeds 15% of the annual rate of basic pay for level II of the Executive Schedule, as of January 1 of that calendar year. (Currently outside income exceeding 15% of that annual rate is prohibited.)

Amends Rule XXIII (Code of Official Conduct) to prohibit such Members, officers, or employees from deriving any outside earned income resulting from the privilege of their office.

Amends Rule XXXVII (Conflict of Interest) of the Standing Rules of the Senate to allow a Senator compensated at a rate in excess of $25,000 per annum and employed for more than 90 days in a calendar year to: (1) affiliate with a firm, partnership, association, or corporation to provide professional services for compensation; (2) authorize the use of his or her name by such an entity; (3) practice a profession for compensation to any extent during regular office hours of the Senate office in which employed; or (4) serve without compensation as an officer or member of the board of any publicly held or publicly regulated corporation, financial institution, or business entity, under specified conditions. (Currently such affiliation and activities are prohibited.)

Allows a Senator whose rate of basic pay is equal to or greater than 120% of the annual rate of basic pay in effect for grade GS-15 of the General Schedule to: (1) receive compensation for affiliating with or being employed by a firm, partnership, association, corporation, or other entity which provides professional services involving a fiduciary relationship; (2) authorize the use of his or her officer's or employee's name to be used by any such entity; (3) receive compensation for practicing a profession which involves a fiduciary relationship or for teaching, without the prior notification and approval of the Select Committee on Ethics; and (4) serve for compensation as an officer or member of the board of any association, corporation, or other entity. (Currently such affiliation and activities are prohibited.)

Allows a Member of the House, who served as a Member before the enactment of the Legislative Branch Appropriations Act, 2004, to opt out of participating in the Federal Employees' Retirement System (FERS).
Output: To reduce the salaries of Members of Congress and the amounts available for the salaries and expenses of offices of Members, committees, and the leadership of Congress by 50 percent, to provide for further reductions in the salaries of Members of Congress to the extent that Congress is in session for more than 60 days during any session of a Congress, and for other purposes.