Small Entity Update Act

Hozzl · 2023-12-15T15:57:17Z

Explore the details of House Bill 2792 Small Entity Update Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 3:57 PM

Summary of Bill HR 2792

The Small Entity Update Act, also known as Bill 118 hr 2792, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide updates and improvements to the regulations governing small businesses and other small entities.

The main goal of the Small Entity Update Act is to streamline and simplify the regulatory process for small businesses, making it easier for them to comply with federal regulations. The bill aims to reduce the burden of regulatory compliance on small entities by ensuring that regulations are clear, concise, and easy to understand.

Some of the key provisions of the Small Entity Update Act include requiring federal agencies to conduct regular reviews of their regulations to identify any that may be outdated, unnecessary, or overly burdensome on small entities. The bill also calls for increased transparency in the regulatory process, requiring agencies to provide clear explanations of the reasons behind their regulations and to seek input from small businesses and other stakeholders. Overall, the Small Entity Update Act is designed to promote economic growth and job creation by making it easier for small businesses to navigate the regulatory landscape. By streamlining regulations and increasing transparency, the bill aims to create a more business-friendly environment for small entities to thrive and succeed.

Congressional Summary of HR 2792

Small Entity Update Act

This bill requires the Securities and Exchange Commission (SEC) to report on and revise the definition of small entity. Agencies are required to consider the impact of their rules on small entities under the Regulatory Flexibility Act.

Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust the appropriate dollar amounts for inflation every five years.

The SEC must also revise the applicable rules to implement these recommendations.

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Current Status of Bill HR 2792

Bill HR 2792 is currently in the status of Bill Introduced since April 20, 2023. Bill HR 2792 was introduced during Congress 118 and was introduced to the House on April 20, 2023. Bill HR 2792's most recent activity was Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of May 31, 2023

Bipartisan Support of Bill HR 2792

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 2792

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Administrative law and regulatory procedures

- Congressional oversight

- Government studies and investigations

- Securities and Exchange Commission (SEC)

- Small business

Alternate Title(s) of Bill HR 2792

Small Entity Update Act

To require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term "small entity" for purposes of the securities laws, and for other purposes.