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Small Business Regulatory Flexibility Improvements Act

Source: Congress.gov  ·  8,079 words in original text
This bill changes how federal agencies analyze new rules to understand impacts on small businesses. It requires agencies to look at both direct and indirect economic effects on small entities, consider beneficial impacts as well as harmful ones, and review existing rules to see if they hurt small businesses. The bill also gives the Small Business Administration's Chief Counsel for Advocacy more power to review and comment on major rules that could affect small companies. ##
- Small businesses and nonprofit organizations - Small governmental jurisdictions (small towns and counties) - Tribal organizations - Federal agencies that create rules - The Chief Counsel for Advocacy of the Small Business Administration - The Office of Information and Regulatory Affairs - Congress ##
- Agencies must analyze both direct and indirect economic impacts (including compliance costs and lost revenue) when rules might affect small entities, even if the rule doesn't directly regulate them (Sec. 2(b)) - Before publishing major rules that could affect small entities, agencies must notify the Chief Counsel for Advocacy and provide draft rules and impact information, and the Chief Counsel must convene a panel to review the proposal (Sec. 6) - Agencies must create a plan to review existing rules that significantly affect small entities, completing reviews of current rules within 10 years and new rules within 10 years of publication (Sec. 7) - Agencies must publish plain language summaries of their regulatory agendas on their websites within 3 days of Federal Register publication (Sec. 3) - Small businesses cannot be fined for their first violation of information collection requirements by an agency, with limited exceptions (Sec. 14) ##
If this becomes law, federal agencies will spend more time analyzing how rules affect small companies before creating them. They will need to consider both negative and positive impacts on small entities. Agencies will hold special panel reviews for major rules that could affect small business. Existing regulations affecting small businesses will be reviewed and potentially changed if they cause harm. Agencies must post summaries of their rule plans online in plain language. Small businesses will get protection from fines for their first paperwork violation. The Chief Counsel for Advocacy gains new powers to intervene in agency decisions and review compliance with small business protection rules. ##
**Economic Impact:** Direct effects on small entities from a rule, plus any indirect effects (including compliance costs and revenue impacts) that are reasonably foreseeable, whether or not small entities are directly regulated by the rule (Sec. 2(b)) **Small Business:** A business that meets size standards set by the Small Business Administration, based on either industry classification or net worth and employee count (Sec. 2(g)) **Small Organization:** A nonprofit organization that does not exceed the Small Business Administration's size standards for its industry, or that has a net worth not exceeding $7,000,000 and no more than 500 employees (Sec. 2(g)) **Land Management Plan:** Plans developed by the Secretary of Agriculture under forest laws or by the Secretary of the Interior under public lands laws (Sec. 2(e)) **First-Time Violation:** A violation by a small business of an information collection requirement where the business has not violated a similar requirement from the same agency in the previous 5 years (Sec. 14) ##
Not specified in bill text
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.