Requires the Office of Science and Technology Policy (OSTP) to establish a working group under the authority of the National Science and Technology Council, to include the Office of Management and Budget, to be responsible for reviewing federal regulations affecting research and research universities and making recommendations on how to: (1) harmonize, streamline, and eliminate duplicative federal regulations and reporting requirements; (2) minimize the regulatory burden on U.S. institutions of higher education performing federally funded research while maintaining accountability for federal tax dollars; and (3) identify and update specific regulations to refocus on performance-based goals rather than on process while still meeting the desired outcome.

Instructs the working group to take into account input and recommendations from non-federal stakeholders, including researchers, institutions of higher education, industry, and others with a stake in ensuring effectiveness, efficiency, and accountability in the performance of scientific research.

Requires OSTP to report to Congress annually on the steps taken to carry out the working group's recommendations.

Requires the Director of Science and Technology Policy (OSTP) to establish a working group under the authority of the National Science and Technology Council that includes the Office of Management and Budget (OMB).

Makes the working group responsible for reviewing federal regulations affecting research and research universities and making recommendations on how to: (1) harmonize, streamline, and eliminate duplicative federal regulations and reporting requirements; and (2) minimize the regulatory burden on U.S. institutions of higher education performing federally funded research while maintaining accountability for federal tax dollars.