The bill establishes the Task Force on Higher Education Governance and Funding in New Jersey, aimed at examining the state's higher education system, including its organization, governance, and funding mechanisms. The task force will consist of 14 members, including the Secretary of Higher Education and various public and educational representatives appointed by the President of the Senate, the Speaker of the General Assembly, and the Governor. Appointments must be made within 30 days of the bill's effective date, and the task force is required to organize within 30 days of member appointments.

The task force's responsibilities include assessing the current challenges faced by higher education institutions in New Jersey through a comprehensive examination of their organizational structures, the impact of state oversight, and the relevant federal and state laws. Additionally, the task force will analyze funding mechanisms and their effects on student and institutional outcomes, as well as identify best practices from other states. A final report with findings and recommendations must be submitted to the Governor and the Legislature within one year of the task force's organization, after which the task force will dissolve 30 days later.