Federal

Improving Access to Small Business Information Act

Source: Congress.gov · 478 words in original text

What This Bill Does

This bill changes federal rules so that the Advocate for Small Business Capital Formation (a person who helps small businesses access funding) does not have to follow most Paperwork Reduction Act requirements when doing their job. The Paperwork Reduction Act is a law that requires agencies to minimize how much information they collect from the public. The bill makes a few limited exceptions where the Advocate still must follow certain rules.

Who It Affects

The Advocate for Small Business Capital Formation, the Securities and Exchange Commission (the federal agency that regulates financial markets), and the Office of Management and Budget (a federal agency that oversees information collection).

Key Provisions

* The Advocate for Small Business Capital Formation's actions are excluded from being considered a "collection of information" under the Paperwork Reduction Act, with limited exceptions (Sec. 2(A)) * The Advocate is still subject to certain specific requirements from sections 3506(c)(1), 3506(c)(4), 3506(i), and 3507(a)(1)(A) of federal law (Sec. 2(B)) * The Commission does not need to submit the Advocate's information collection to the Office of Management and Budget for approval (Sec. 2(B)(i)) * The Commission does not need to display a control number on the Advocate's information collection (Sec. 2(B)(ii)) * The Commission does not need to indicate the Advocate's information collection follows clearance requirements (Sec. 2(B)(iii))

What Changes

The Advocate for Small Business Capital Formation gains an exemption from most Paperwork Reduction Act procedures, making it easier and faster for them to gather information and help small businesses access capital funding.

Important Definitions

Collection of information: the gathering of written responses, data or similar information from the public.

Effective Date

Not specified in bill text

IIB 118TH CONGRESS 1ST SESSION H. R. 1548 IN THE SENATE OF THE UNITED STATES JULY 12, 2023 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Securities Exchange Act of 1934 to specify that actions of the Advocate for Small Business Capital Formation are not a collection of information under the Paperwork Reduction Act. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 23:49 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1548.RFS H1548 pbinns on DSKJLVW7X2PROD with $$_JOB 2 HR 1548 RFS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Improving Access to 2 Small Business Information Act’’. 3 SEC. 2. EXCLUSION FROM THE PAPERWORK REDUCTION 4 ACT. 5 Section 4(j) of the Securities Exchange Act of 1934 6 (15 U.S.C. 78d(j)) is amended by adding at the end the 7 following: 8 ‘‘(10) EXCLUSION FROM THE PAPERWORK RE- 9 DUCTION ACT.— 10 ‘‘(A) IN GENERAL.—Actions taken by the 11 Advocate for Small Business Capital Formation 12 under this subsection shall not be a ‘collection 13 of information’ for purposes of subchapter I of 14 chapter 35 of title 44, United States Code 15 (commonly known as the ‘Paperwork Reduction 16 Act’). 17 ‘‘(B) EXCEPTIONS.—Subparagraph (A) 18 shall not apply to the requirements under sub- 19 sections (c)(1), (c)(4), and (i) of section 3506 20 of such title and section 3507(a)(1)(A) of such 21 title, except that the Commission shall not be 22 required— 23 ‘‘(i) to submit a collection of informa- 24 tion by the Advocate to the Director of the 25 Office of Management and Budget, as de- 26 VerDate Sep 11 2014 23:49 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1548.RFS H1548 pbinns on DSKJLVW7X2PROD with $$_JOB 3 HR 1548 RFS scribed under section 3506(c)(1)(A) of 1 such title; 2 ‘‘(ii) to display a control number on a 3 collection of information by the Advocate, 4 as described under section 5 3506(c)(1)(B)(i) of such title (or to inform 6 a person receiving a collection of informa- 7 tion from the Advocate that the collection 8 of information needs to display a control 9 number, as described under section 10 3506(c)(1)(B)(iii)(V) of such title); or 11 ‘‘(iii) to indicate a collection of infor- 12 mation by the Advocate is in accordance 13 with the clearance requirements of section 14 3507 of such title, as described under sec- 15 tion 3506(c)(1)(B)(ii) of such title.’’. 16 Passed the House of Representatives July 11, 2023. Attest: KEVIN F. MCCUMBER, Clerk. VerDate Sep 11 2014 23:49 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1548.RFS H1548 pbinns on DSKJLVW7X2PROD with $$_JOB

Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.