The LIBERATE Act establishes a Regulatory Oversight and Review Task Force to identify and recommend changes to federal regulations that the task force deems harmful to business competitiveness, economic growth, or capital formation. The task force will be led by the Director of the Office of Management and Budget and include 16 private-sector members appointed by congressional leaders—at least half of whom must represent small businesses—plus one official from the Office of Information and Regulatory Affairs. The task force will evaluate regulations across various areas, including competition, business entry barriers, manufacturing costs, energy production, mining, and permitting processes, then solicit public recommendations through a dedicated website and hold regional focus groups. Most significantly, the bill creates a streamlined legislative process allowing Congress to vote on joint resolutions to repeal recommended regulations within 60 days of receiving the task force's annual recommendations, with limited debate and debate time equally split between supporters and opponents. The task force operates at no additional cost, using existing Office of Management and Budget funds.
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