H.R. 3351: Improving Access to Small Business Information Act

The Improving Access to Small Business Information Act (H.R. 3351) aims to amend existing law regarding the Advocate for Small Business Capital Formation, which functions within the Securities Exchange Commission (SEC). Specifically, the bill proposes that actions taken by this Advocate are not considered a "collection of information" under the Paperwork Reduction Act of 1980.

Key Provisions of the Bill

• Exclusion from Paperwork Reduction Act: The bill specifies that the activities and information gathering efforts by the Advocate for Small Business Capital Formation do not fall under the guidelines of the Paperwork Reduction Act, which typically requires federal agencies to obtain approval from the Office of Management and Budget (OMB) before collecting information from the public.
• Exceptions to General Exclusion: While the general exclusion applies, certain requirements under the Paperwork Reduction Act will still apply to the Advocate. These include some oversight and accountability measures, although the Advocate will not need to submit data collections to the OMB for clearance.
• Reducing Administrative Burdens: By excluding the Advocate’s actions from being classified as information collections, the bill aims to reduce the administrative burdens typically associated with obtaining approvals, thus facilitating a more agile process for gathering information vital for small business capital formation.

Implications

If passed, this legislation would allow the Advocate for Small Business Capital Formation to operate more independently and efficiently, without the added layer of regulatory compliance imposed by the Paperwork Reduction Act. This could lead to improved communication and outreach to small businesses regarding capital opportunities, further enhancing their access to financial resources.

Relevant Companies

• None found