The LAUNCH Act streamlines federal regulations for the commercial space industry by directing the Department of Transportation to evaluate and improve its implementation of space launch and reentry rules within 120 days, then report findings and recommendations to Congress within 90 days. The legislation requires the department to assign a dedicated licensing team lead to each space launch license applicant and to accept reasonable safety proposals from applicants, aimed at reducing delays and inefficiencies that currently burden emerging spaceflight companies. For private remote sensing satellites, the bill clarifies that certain instruments used for spacecraft health and safety do not require remote sensing licenses, and it mandates the assignment of a dedicated licensing officer to oversee each remote sensing application while minimizing review timelines and conditions. The bill also requires the Government Accountability Office to report within one year on Department of Commerce policies affecting the remote sensing industry, including recommendations to reduce compliance costs and increase transparency. Overall, the legislation seeks to reduce regulatory burdens on the commercial space sector without compromising safety by streamlining licensing processes and improving industry engagement.