Is there a way to restrict who can create public reports in JRS?

One answer

Yes, you can. You need to set user permission. Check this link on the JRS online help
Comments

There is info in that link about deploying reports within RTC itself, but I don't see any mention of Report Builder capabilities.

JRS is capability within CLM. JRS reporting data visibility follows JTS user permissions and this document specifics how to implement permission for reporting too https://www.ibm.com/support/knowledgecenter/SSYMRC_6.0.4/com.ibm.jazz.platform.doc/topics/c_permissions.html
NOTE that Report administrators can also control some amount of what capabilities an end user can do, for example no advanced report (SQL or SPARQL), except for report admins.