  We present a new determination of the optical luminosity function (OLF) of
active galactic nuclei (AGN) at low redshifts (z<0.15) based on Hubble Space
Telescope (HST) observations of X-ray-selected AGN. The HST observations have
allowed us to derive a true nuclear luminosity function for these AGN. The
resulting OLF illustrates a two-power-law form similar to that derived for QSOs
at higher redshifts. At bright magnitudes, M_B<-20, the OLF derived here
exhibits good agreement with that derived from the Hamburg/ESO QSO survey.
However, the single power law form for the OLF derived from the Hamburg/ESO
survey is strongly ruled out by our data at M_B>-20. Although the estimate of
the OLF is best-fit by a power law slope at M_B<-20.5 that is flatter than the
slope of the OLF derived at z>0.35, the binned estimate of the low redshift OLF
is still consistent with an extrapolation of the $z>0.35$ OLF based on pure
luminosity evolution.
