H.R.3351 - Improving Access to Small Business Information Act (119th Congress)
Summary
H.R.3351, the "Improving Access to Small Business Information Act," aims to amend the Securities Exchange Act of 1934. The bill specifies that actions taken by the Advocate for Small Business Capital Formation are not considered a 'collection of information' under the Paperwork Reduction Act. This adjustment seeks to streamline the Advocate's operations by reducing bureaucratic requirements.
Expected Effects
The primary effect will be to reduce the paperwork burden on the Advocate for Small Business Capital Formation. This could lead to more efficient advocacy and support for small businesses seeking capital. The bill aims to make it easier for the Advocate to gather and disseminate information without being subject to the full requirements of the Paperwork Reduction Act, while still maintaining some oversight.
Potential Benefits
- Reduced administrative burden for the Advocate for Small Business Capital Formation.
- More efficient dissemination of information to small businesses.
- Potentially increased access to capital for small businesses due to more effective advocacy.
- Streamlined processes within the Securities and Exchange Commission (SEC) related to small business support.
- Encourages innovation and growth within the small business sector by reducing regulatory hurdles.
Most Benefited Areas:
Potential Disadvantages
- Potential for reduced oversight of the Advocate's activities, although some requirements of the Paperwork Reduction Act still apply.
- Risk that information collected and disseminated by the Advocate may not be subject to the same level of scrutiny.
- Possible concerns about transparency if the Advocate's actions are not fully documented due to reduced paperwork requirements.
- The exceptions outlined in the bill could be interpreted narrowly, limiting the intended benefits.
- May create a precedent for other government agencies to seek similar exemptions from the Paperwork Reduction Act, potentially weakening its overall effectiveness.
Constitutional Alignment
The bill appears to align with the spirit of promoting the general welfare, as stated in the Preamble of the US Constitution, by supporting small businesses. Congress's authority to regulate commerce, as outlined in Article I, Section 8, includes the power to oversee and amend securities regulations. 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).