Improving Access to Small Business Information Act
Summary
The "Improving Access to Small Business Information Act" (H.R. 3351) aims to amend the Securities Exchange Act of 1934. It seeks to clarify that actions taken by the Advocate for Small Business Capital Formation are not subject to the full requirements of the Paperwork Reduction Act.
This bill provides exemptions from certain information collection burden reviews typically required under the Paperwork Reduction Act. However, it retains specific requirements related to information collection, ensuring some level of oversight.
Ultimately, the goal is to streamline processes for the Advocate, potentially improving access to information for small businesses.
Expected Effects
The bill's passage would reduce the administrative burden on the Advocate for Small Business Capital Formation. This could lead to more efficient dissemination of information to small businesses.
It would also allow the Advocate to operate with greater agility, potentially leading to more responsive and effective support for small business capital formation. The changes aim to strike a balance between reducing red tape and maintaining necessary oversight.
The changes will likely affect the SEC's regulatory processes related to small business support.
Potential Benefits
- Reduced Regulatory Burden: Streamlines processes for the Advocate for Small Business Capital Formation.
- Improved Information Access: May lead to quicker and easier access to information for small businesses.
- Enhanced Efficiency: Could allow the Advocate to operate more efficiently and effectively.
- Support for Small Business Growth: By reducing red tape, the bill indirectly supports small business capital formation.
- Focus on Key Requirements: Retains essential information collection requirements, balancing efficiency with oversight.
Most Benefited Areas:
Potential Disadvantages
- Reduced Oversight: Exemptions from the Paperwork Reduction Act could lead to less oversight of the Advocate's actions.
- Potential for Inefficiency: While intended to improve efficiency, the changes could inadvertently create new inefficiencies.
- Limited Scope: The bill's impact is limited to the Advocate for Small Business Capital Formation and may not address broader issues.
- Unintended Consequences: As with any regulatory change, there is a risk of unintended consequences.
- Lack of Transparency: Reduced paperwork requirements could potentially decrease transparency in some areas.
Constitutional Alignment
The bill appears to align with the Constitution, particularly Article I, Section 8, which grants Congress the power to regulate commerce. By aiming to improve access to information for small businesses, the bill supports economic activity and potentially facilitates interstate commerce. The bill does not appear to infringe upon any specific constitutional rights or limitations.
The Paperwork Reduction Act itself is an exercise of Congressional power to manage the federal bureaucracy, and this bill simply adjusts the application of that Act to a specific agency. The Act does not violate any specific constitutional provision.
Furthermore, the bill does not appear to violate any principles of federalism or separation of powers.
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).