Improving Access to Small Business Information Act
Summary
The "Improving Access to Small Business Information Act" (H.R. 3351) amends the Securities Exchange Act of 1934. It aims to clarify that actions taken by the Advocate for Small Business Capital Formation are not considered a 'collection of information' under most provisions of the Paperwork Reduction Act (PRA). This exemption seeks to streamline the Advocate's operations by reducing bureaucratic hurdles associated with information collection.
Expected Effects
The primary effect of this act is to reduce the regulatory burden on the Advocate for Small Business Capital Formation. By exempting the Advocate's actions from certain PRA requirements, the act intends to make it easier and faster for the Advocate to gather and disseminate information relevant to small businesses. This could lead to improved access to capital and resources for small businesses.
Potential Benefits
- Reduced Bureaucracy: Streamlines the Advocate's operations by exempting them from certain paperwork requirements.
- Improved Information Access: Facilitates quicker and easier access to information for small businesses.
- Enhanced Capital Formation: May lead to increased investment and capital availability for small businesses.
- Greater Efficiency: Allows the Advocate to operate more efficiently, focusing on their core mission.
- Support for Small Business: Ultimately supports the growth and development of small businesses.
Most Benefited Areas:
Potential Disadvantages
- Reduced Oversight: Exempting the Advocate from certain PRA requirements could reduce oversight and transparency.
- Potential for Inefficiency: Without the discipline of the PRA, there's a risk of less efficient information collection practices.
- Limited Public Input: Reduced PRA compliance might limit opportunities for public input on the Advocate's activities.
- Unintended Consequences: The exemptions could have unforeseen negative impacts on data quality or accessibility.
- Risk of Abuse: While unlikely, the reduced oversight could create opportunities for misuse of authority.
Constitutional Alignment
This act appears to align with the spirit of promoting the general welfare, as stated in the Preamble of the US Constitution, by supporting small businesses. Article I, Section 8, which grants Congress the power to regulate commerce, could be interpreted as providing a basis for this legislation, as it affects businesses and capital markets. The act does not appear to infringe upon any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).