Establishes the 16-member Joint Regulatory Reform Committee (Committee). Provides that the Committee’s purpose is to foster a strong environment for creating private sector jobs by removing the undue burden imposed by outdated, unnecessary, and vague rules. Enumerates the process for the appointment of members to the Committee. Delineates the powers and duties of the Committee. Allows any proposed legislation from the Committee to be introduced and considered during the 2011 Regular Session of the General Assembly through sine die adjournment. Provides additional guidelines regarding organization of the Committee and declares that the Committee has the powers of a joint committee under GS 120-19 through GS 120-19.4 while it is discharging its duties. Effective upon ratification and expires December 31, 2012.