The LIBERATE Act creates a new task force that will review federal regulations to identify ones that might be hurting American businesses and the economy. The task force will be led by the Director of the Office of Management and Budget and will include 16 members from the private sector—people with expertise in business, economics, law, and regulatory policy. These private sector members will be appointed by leaders from both parties in Congress, and at least half must represent small businesses.

The task force's job is to find regulations that make it harder for American companies to compete globally, create barriers for new businesses and startups, increase manufacturing costs, require expensive and time-consuming permits, or restrict things like energy production and mining. The group will accept suggestions from the public through a website and public meetings, then publish quarterly and annual reports to Congress with recommendations on which regulations should be changed, combined, or eliminated.

The bill also creates a special fast-track process for Congress to consider repealing regulations. Each year, the task force can recommend regulations for repeal, and Congress can vote on these recommendations through a streamlined process with limited debate time and no amendments allowed. This makes it easier and faster for Congress to eliminate regulations the task force identifies as problematic, though Congress still has to actually vote to approve any repeals. The task force members won't be paid for their work, and no new government funding is needed to run the program.