Small Business Regulatory Flexibility Improvements Act

Small Business Regulatory Flexibility Improvements Act

This bill modifies the rulemaking requirements and procedures of federal agencies under the Regulatory Flexibility Act of 1980 and the Small Business Regulatory Enforcement Fairness Act of 1996, including how agencies consider economic impact with respect to small entities.

Specifically, the bill requires agencies to consider the direct, and the reasonably foreseeable indirect, economic effect of a rule on small entities when determining whether a rule is likely to have a significant economic impact. Further, the regulatory flexibility analysis for rules with a significant economic impact must include a detailed description of alternatives to a proposed rule that minimize any adverse significant economic impact or maximize any beneficial significant economic impact on small entities. The bill also expands the types of agency actions (e.g., revisions to land management plans) that are subject to a regulatory impact analysis.

The bill removes the authority for an agency to waive the regulatory flexibility analysis requirements and requires the Office of Advocacy of the Small Business Administration to issue rules for compliance with such requirements.

The bill also modifies the procedures for the (1) gathering of comments for a proposed rule, (2) periodic review of agency rules, and (3) judicial review of final rules.

Bill 119 hr 421, also known as the "Regulatory Flexibility Act," aims to amend chapter 6 of title 5, United States Code. The main goal of this bill is to ensure that there is a thorough analysis of the potential impacts on small entities when new rules are proposed. This means that before any new regulations are put into place, a comprehensive evaluation will be conducted to determine how they may affect small businesses and other entities.

The bill also includes provisions for other purposes, which may include additional measures to support small businesses and ensure that they are not disproportionately burdened by new regulations. Overall, the focus of this legislation is to promote transparency and accountability in the regulatory process, particularly when it comes to considering the impact on small entities.

By requiring a complete analysis of potential impacts on small entities, Bill 119 hr 421 aims to create a more fair and balanced regulatory environment that takes into account the needs and concerns of small businesses. This bill is an important step towards ensuring that regulations are implemented in a way that supports economic growth and innovation while also protecting the interests of small entities.