Its mandate seems to be nothing less than creating a FARs-type regulatory environment to govern the safety of space tourists and those operating their spacecraft, and the committee is the first step. "This Aerospace Rulemaking Committee (commonly referred to as a SpARC) purposefully engages the commercial space industry to provide consensus information, concerns, opinions, and recommendations to the Department of Transportation," the FAA said in its announcement.
This is a companion discussion topic for the original entry at https://www.avweb.com/aviation-news/faa-getting-ready-to-regulate-space-tourism-safety