The PREP Repeal Act proposes to eliminate liability immunity for manufacturers and administrators of certain medical products during public health emergencies by repealing sections 319F-3 and 319F-4 of the Public Health Service Act. Congress finds that these liability shields have undermined public trust and accountability, enabling regulatory capture and legal immunity for pharmaceutical manufacturers at the expense of individual rights. Specifically, the bill repeals the provisions that grant immunity from liability for covered countermeasures and rescinds the unobligated balances of the associated Covered Countermeasure Process Fund. This action is intended to restore the fundamental principle of justice, allowing citizens to seek civil remedies for injury or harm. The Act explicitly states that it does not limit the ability of any person to pursue such remedies under Federal or State law for injuries arising from the development, administration, or distribution of drugs, devices, biological products, or covered countermeasures. Crucially, the repeals apply to legal actions, claims, or proceedings that are pending on the date of enactment, as well as those commenced thereafter. This ensures that the removal of immunity has both retroactive and prospective application, aiming to enhance accountability for products used during public health emergencies.