LIBERATE Act

S 4920, the LIBERATE Act, establishes a Regulatory Oversight and Review Task Force to evaluate federal regulations that hinder business competitiveness, increase costs for manufacturers and small businesses, or create barriers to entry. The Task Force, composed of OMB leadership and 16 private-sector members (including small business representatives with balanced political affiliations), will identify regulations impeding competition, energy independence, or capital formation. It will collect public input via a website and submit quarterly reports to Congress, including specific recommendations for regulatory changes. The bill then creates a fast-track process for Congress to pass "covered resolutions" that immediately repeal recommended regulations, with strict time limits and limited debate in both chambers.