Bill Overview
Title: LIBERATE Act
Description: This bill establishes the Regulatory Oversight and Review Task Force to evaluate, and provide recommendations for modification, consolidation, harmonization, or repeal of, federal regulations or guidance that impose substantial burdens on U.S. industries or inhibit other economic interests.
Sponsors: Sen. Lee, Mike [R-UT]
Target Audience
Population: People in the United States
Estimated Size: 330000000
- This bill impacts industries that are currently burdened by federal regulations.
- It pertains to U.S. industries, suggesting it affects businesses operating within the United States.
- It may indirectly affect workers in these industries if regulations implicate operational changes.
- There could be a wider impact on the national economy if significant regulatory changes enhance economic efficiencies or growth.
Reasoning
- This bill impacts industries that are currently burdened by federal regulations, aiming to alleviate these burdens and potentially increase efficiency.
- The policy will primarily benefit businesses that suffer from regulatory inefficiencies, thereby potentially increasing their profitability and operational efficiency.
- Workers in affected industries may experience changes in employment conditions, job stability, or wages as a result of economic restructuring.
- There could be secondary effects on the broader population if the regulatory changes lead to economic growth or contraction.
Simulated Interviews
Oil and Gas Executive (Houston, Texas)
Age: 45 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 4/20
Statement of Opinion:
- I believe the LIBERATE Act could significantly reduce unnecessary regulatory burdens, allowing us to allocate more resources to innovation and safety.
- Current regulations make it costly to expand operations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 6 |
| Year 3 | 9 | 6 |
| Year 5 | 9 | 5 |
| Year 10 | 10 | 5 |
| Year 20 | 10 | 5 |
Financial Analyst (New York City, New York)
Age: 32 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- The LIBERATE Act could streamline processes that currently delay financial transactions.
- However, I worry it might reduce oversight that protects consumers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 5 |
Environmental Scientist (Seattle, Washington)
Age: 52 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- My concern is that the LIBERATE Act may weaken crucial environmental regulations.
- While businesses might benefit, it could come at the cost of long-term environmental health.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 5 |
| Year 2 | 3 | 5 |
| Year 3 | 3 | 5 |
| Year 5 | 3 | 5 |
| Year 10 | 4 | 5 |
| Year 20 | 4 | 5 |
Small Business Owner (Charlotte, North Carolina)
Age: 29 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 15.0 years
Commonness: 5/20
Statement of Opinion:
- Relaxation of regulations could really help small businesses like mine save time and reduce expenses.
- I'm hopeful that the changes will not compromise safety but streamline our operations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 9 | 6 |
Union Leader (Chicago, Illinois)
Age: 39 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 7/20
Statement of Opinion:
- I'm wary of the LIBERATE Act because reduced regulations could lead to job losses or degrade work conditions.
- While efficiency might improve, the workers' cost must be considered.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
Retired (Burlington, Vermont)
Age: 64 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 15/20
Statement of Opinion:
- I'm not directly affected, but I hope the policy leads to economic growth that benefits everyone, including retirees.
- I mostly want assurance that consumer protections remain strong.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Tech Startup Founder (Los Angeles, California)
Age: 23 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 20.0 years
Commonness: 8/20
Statement of Opinion:
- I welcome any policy that helps reduce the regulatory load, especially around data privacy and security
- This could allow us to focus more on product innovation rather than just compliance.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 8 |
| Year 2 | 9 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 10 | 7 |
| Year 10 | 10 | 7 |
| Year 20 | 10 | 7 |
Automative Industry Worker (Detroit, Michigan)
Age: 50 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 6/20
Statement of Opinion:
- I'm concerned that deregulation could lead to automation and job cuts.
- We need to ensure that workers are protected even as industries become more efficient.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 6 | 5 |
Healthcare Policy Analyst (Philadelphia, Pennsylvania)
Age: 41 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 9/20
Statement of Opinion:
- Deregulation could streamline administrative processes in healthcare, but patient safety must remain paramount.
- There's a fine balance between efficiency and safety.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Teacher (Atlanta, Georgia)
Age: 37 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 12/20
Statement of Opinion:
- I hope economic improvements from deregulation lead to increased funding in education.
- However, I'm concerned about the implications for community safety and environmental protection.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Cost Estimates
Year 1: $10000000 (Low: $9000000, High: $12000000)
Year 2: $10000000 (Low: $9000000, High: $12000000)
Year 3: $10000000 (Low: $9000000, High: $12000000)
Year 5: $10000000 (Low: $9000000, High: $12000000)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The task force's effectiveness will depend heavily on its ability to identify and target inefficient regulations.
- Political and legal challenges might arise in reforming or repealing long-standing regulations.
- The possibility of unintended consequences on certain industry sectors must be considered.