Improving Access to Small Business Information Act
Summary
The "Improving Access to Small Business Information Act" (S. 3411) aims to amend the Securities Exchange Act of 1934. It specifies that actions taken by the Advocate for Small Business Capital Formation are not considered a "collection of information" under the Paperwork Reduction Act (PRA). This exemption seeks to streamline processes and reduce bureaucratic burdens associated with information gathering from small businesses.
Expected Effects
The bill would exempt the Advocate for Small Business Capital Formation from certain requirements of the Paperwork Reduction Act. This means the Advocate would have more flexibility in gathering and disseminating information relevant to small business capital formation. However, some requirements related to ensuring information quality and transparency would still apply.
Potential Benefits
- Reduced regulatory burden on the Advocate for Small Business Capital Formation, potentially leading to more efficient operations.
- Faster dissemination of information to small businesses, aiding in their capital formation efforts.
- Encourages innovation and growth within the small business sector by reducing paperwork.
- Potentially improves access to capital for small businesses, fostering economic growth.
- Streamlined processes could save taxpayer money by reducing administrative overhead.
Most Benefited Areas:
Potential Disadvantages
- Reduced oversight of information collection activities by the Advocate, potentially leading to less accurate or reliable data.
- Possible decrease in transparency regarding the Advocate's activities, making it harder for the public to hold them accountable.
- Potential for increased burden on small businesses if the Advocate's information requests are not carefully managed.
- Risk of inconsistent application of information collection standards, creating confusion for small businesses.
- The exceptions to the exemption could be insufficient to maintain adequate data quality and transparency.
Constitutional Alignment
The bill appears to align with the Constitution, particularly Article I, Section 8, which grants Congress the power to regulate commerce. By streamlining information access for small businesses, the bill aims to facilitate economic activity, which falls under the purview of congressional authority. The bill does not appear to infringe on any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).