Improving Access to Small Business Information Act
Description
This bill would exempt the SEC’s small business advocate from certain federal paperwork requirements when gathering public information.
Summary
What it does
This bill would exempt the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation from certain requirements of the Paperwork Reduction Act when gathering information from the public. While the office would no longer have to follow all standard federal procedures for information collection, it would still be required to explain to respondents the specific reasons why the information is being collected.
Who is affected
This bill directly affects the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission by exempting its information-gathering activities from certain Paperwork Reduction Act requirements. Additionally, it impacts members of the public from whom the office collects information, as the office must still provide these individuals with the specific reasons for any such data collection.
Key provisions
- Exemption from the Paperwork Reduction Act. The bill excludes the Securities and Exchange Commission's Office of the Advocate for Small Business Capital Formation from the standard procedures agencies must follow when gathering information from the public.
- Public notification requirements. Despite the exemption, the Office of the Advocate for Small Business Capital Formation must still inform individuals of the specific reasons why their information is being collected.
Fiscal impact
- H.R. 3351, Improving Access to Small Business Information Act· As reported by the House Committee on Financial Services on June 3, 2025
Effective dates
Not applicable: Official Summary does not address effective dates
Relationship to existing law
This bill creates an exemption to the Paperwork Reduction Act for certain information-gathering activities conducted by the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission.
Stated purpose
The bill aims to streamline how the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation gathers information from the public by exempting its data collection activities from the procedural requirements of the Paperwork Reduction Act.