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Small Business Regulatory Flexibility Improvements Act
12/15/2023, 3:53 PM
Summary of Bill HR 358
The main purpose of this bill is to amend the Regulatory Flexibility Act to improve the process by which federal agencies analyze the potential impact of regulations on small businesses. The bill seeks to ensure that small businesses are not disproportionately burdened by regulations and that their voices are heard in the regulatory process.
Specifically, the bill requires federal agencies to consider the indirect effects of regulations on small businesses, as well as the cumulative impact of multiple regulations. It also requires agencies to provide more detailed analysis of the potential economic impact of regulations on small businesses. Additionally, the bill requires agencies to review existing regulations to determine if they are still necessary and effective, and to periodically review regulations to ensure they are not overly burdensome on small businesses. Overall, the Small Business Regulatory Flexibility Improvements Act aims to provide greater flexibility and relief for small businesses in navigating the regulatory landscape. The bill has received support from small business advocacy groups and is currently being considered by the House Committee on Small Business.
Congressional Summary of HR 358
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.
