1. Short title This Act may be cited as the Flexibility to Innovate for College Affordability Act . 2. Higher Education Regulatory Reform Task Force (a) Task Force established Not later than 2 months after the date of enactment of this Act, the Secretary of Education shall establish the Higher Education Regulatory Reform Task Force. (b) Membership The Higher Education Regulatory Reform Task Force shall include— (1) the Secretary of Education or the Secretary’s designee; (2) the head of each other Federal agency (or such head’s designee) that the Secretary of Education determines to be relevant to the activities of the Higher Education Regulatory Reform Task Force; (3) a representative of the Advisory Committee on Student Financial Assistance established under section 491 of the Higher Education Act of 1965 ( 20 U.S.C. 1098 ); (4) representatives from the higher education community, including— (A) institutions of higher education, with equal representation of public and private nonprofit institutions, and two-year and four-year institutions, and with not less than 25 percent of such representative institutions carrying out distance education programs; and (B) nonprofit organizations representing institutions of higher education