The "Locating the Inefficiencies of Bureaucratic Edicts to Reform And Transform the Economy Act," or LIBERATE Act, establishes a Regulatory Oversight and Review Task Force. This Task Force will be chaired by the Director of the Office of Management and Budget and include a representative from the Office of Information and Regulatory Affairs, alongside sixteen private sector individuals. These private sector members, appointed by congressional leaders, must possess expertise in regulatory policy, compliance, economics, law, or business management, with a mandate for small business representation.

The primary function of the Task Force is to evaluate Federal regulations that are deemed to inhibit competition, create barriers to entry for businesses, increase operating costs for domestic manufacturing, or otherwise negatively impact the U.S. economy. It will recommend modifications, consolidation, harmonization, or repeal of such regulations. The Task Force is required to establish a public website for soliciting recommendations from the general public and conduct outreach, including focus groups, across the United States.

Annually, the Director of OMB, on behalf of the Task Force, must submit a special message to Congress detailing regulations recommended for repeal and the rationale behind these recommendations. This message initiates a streamlined congressional procedure for a "covered resolution" to repeal the listed regulations, featuring expedited committee consideration and limited debate in both the House and Senate. The Task Force will operate using existing funds from the Office of Management and Budget, as no additional appropriations are authorized.