S.973 - Locating the Inefficiencies of Bureaucratic Edicts to Reform And Transform the Economy Act; LIBERATE Act (119th Congress)
Summary
The LIBERATE Act (S.973) proposes establishing a Regulatory Oversight and Review Task Force. This task force is designed to evaluate and recommend changes to federal regulations. The goal is to identify and address regulations that hinder competition, increase costs, or create barriers for businesses.
Expected Effects
If enacted, the LIBERATE Act could lead to the modification, consolidation, or repeal of specific federal regulations. This could potentially impact various sectors, including manufacturing, energy, and mining. The Task Force's recommendations would be submitted to Congress for consideration, potentially leading to legislative action.
Potential Benefits
- Reduced regulatory burden on businesses, potentially leading to increased investment and job creation.
- Enhanced competitiveness of U.S. industries in the global market.
- Streamlined permitting processes, facilitating faster project development.
- Increased domestic energy production and reduced reliance on foreign sources.
- Improved capital formation and economic growth.
Potential Disadvantages
- Potential weakening of environmental and consumer protections if regulations are repealed or modified.
- Risk of regulatory capture by special interests influencing the Task Force's recommendations.
- Lack of representation for public interest groups on the Task Force.
- Potential for increased economic inequality if regulations protecting workers or consumers are weakened.
- The task force may be ineffective if it lacks sufficient resources or political support.
Constitutional Alignment
The LIBERATE Act appears to align with the Constitution, particularly Article I, Section 8, which grants Congress the power to regulate commerce. The establishment of a task force to review regulations falls within Congress's authority to oversee and modify laws affecting economic activity. The Act does not appear to infringe upon any specific constitutional rights or protections.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).