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The LIBERATE Act establishes a Regulatory Oversight and Review Task Force composed of the OMB Director, an OIRA representative, and 16 private-sector members appointed by congressional leaders. The Task Force would evaluate federal regulations that inhibit competition, create barriers to entry, increase operating costs, impose compliance burdens, restrict permitting, impact energy production, limit mining, or inhibit capital formation, and would submit quarterly reports and annual recommendations to Congress. The bill creates an expedited legislative process allowing Congress to repeal regulations recommended by the Task Force through joint resolutions with limited debate and restricted amendment procedures.
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