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 seeks to streamline the Advocate's operations by reducing bureaucratic requirements.
The bill includes exceptions, ensuring some oversight requirements under the Paperwork Reduction Act still apply. Specifically, it references subsections (c)(1), (c)(4), and (i) of section 3506 and section 3507(a)(1)(A) of title 44, U.S. Code.
Ultimately, the goal is to ease the regulatory burden on the Advocate, facilitating better access to information for small businesses.
Expected Effects
The likely effect of this bill is to reduce the administrative burden on the Advocate for Small Business Capital Formation. This could lead to more efficient dissemination of information to small businesses. It may also allow the Advocate to respond more quickly to the needs of small businesses.
By exempting certain actions from the Paperwork Reduction Act, the Advocate may be able to operate with greater flexibility. This could result in more effective advocacy for small business interests. However, it could also reduce transparency and oversight of the Advocate's activities.
Overall, the bill aims to improve the flow of information to small businesses by streamlining the Advocate's operations.
Potential Benefits
- Reduced regulatory burden on the Advocate for Small Business Capital Formation.
- More efficient dissemination of information to small businesses.
- Faster response times to the needs of small businesses.
- Increased flexibility in the Advocate's operations.
- Potentially more effective advocacy for small business interests.
Most Benefited Areas:
Potential Disadvantages
- Reduced transparency and oversight of the Advocate's activities.
- Potential for less accountability in the Advocate's actions.
- Risk of the Advocate exceeding its authority without proper oversight.
- Possible negative impact on the quality of information disseminated due to reduced scrutiny.
- May set a precedent for other agencies to seek exemptions from the Paperwork Reduction Act.
Constitutional Alignment
The bill appears to align with the general principles of promoting economic growth and supporting small businesses, which can be argued to fall under the "general Welfare" clause of the Preamble of the US Constitution. Additionally, Article I, Section 8 grants Congress the power to regulate commerce, which could be interpreted to include measures that support small business capital formation.
However, the bill's impact on transparency and accountability should be carefully considered to ensure it does not infringe on principles of good governance. The bill does not appear to directly infringe on any specific constitutional rights or limitations.
It is important to note that the Constitution does not explicitly address the Paperwork Reduction Act or the role of the Advocate for Small Business Capital Formation.
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).