The LIBERATE Act establishes a Regulatory Oversight and Review Task Force to identify and recommend changes to federal regulations that the members believe hinder business competitiveness, create barriers to entry for new businesses, or impose excessive compliance costs. The Task Force will be chaired by the Director of the Office of Management and Budget and include 16 private sector members appointed by congressional leadership, with at least half representing small businesses. The Task Force will solicit public feedback through a website and public forums, then submit quarterly reports and annual recommendations to Congress, with a special message each May identifying regulations for repeal. The legislation creates an expedited congressional process for considering joint resolutions to repeal recommended regulations, limiting debate and restricting amendments. The bill requires no new funding, as the Task Force will operate using existing Office of Management and Budget resources.
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