Technical corrections only. The differences between v3 and v4 are limited to procedural updates reflecting the bill's passage from the House to the Senate, including the attestation and referral information. No substantive policy changes were made to the bill's text.
Improving Access to Small Business Information Act
- Sponsor
- Rep. Kim, Young [R-CA-40]
- Committees
- Banking, Housing, and Urban Affairs Committee (primary)
- Last action
- Jul 22, 2025
Bottom line
The bill streamlines the information gathering process for the SEC's Advocate for Small Business Capital Formation by largely exempting its activities from the Paperwork Reduction Act, aiming to enhance its efficiency in supporting small businesses.
What it actually does
This bill amends the Securities Exchange Act of 1934 to exempt most actions taken by the Advocate for Small Business Capital Formation from the requirements of the Paperwork Reduction Act (PRA). Specifically, it clarifies that the Advocate's information gathering activities are not considered a 'collection of information' under the PRA, thereby waiving requirements for submission to the Office of Management and Budget (OMB), display of control numbers, and indication of PRA clearance. However, it retains certain PRA requirements related to public notice and comment periods.
Proponents argue
Supporters argue that this legislation will remove unnecessary bureaucratic hurdles and delays that currently impede the Advocate for Small Business Capital Formation from efficiently gathering critical information. They contend that by streamlining the process, the Advocate can more quickly understand and respond to the needs of small businesses, ultimately fostering capital formation and economic growth without imposing new burdens on the public, as public comment provisions are retained.
Opponents contend
Critics might argue that while the intent is to improve efficiency, exempting any federal agency's information collection from significant portions of the Paperwork Reduction Act could reduce transparency and oversight. They may contend that this could potentially lead to less standardized or more frequent data requests, even if well-intentioned, thereby eroding the PRA's fundamental purpose of minimizing federal paperwork burden on the public.
The bill is exceptionally short and clear, allowing for a thorough understanding well within any reasonable time allocation for review.
Section 2, amending Section 4(j) of the Securities Exchange Act of 1934
Exemption of Advocate for Small Business Capital Formation from Paperwork Reduction Act
This provision adds a new paragraph (10) to Section 4(j) of the Securities Exchange Act of 1934. It declares that actions taken by the Advocate for Small Business Capital Formation are generally not considered a 'collection of information' under the Paperwork Reduction Act (PRA). This means the Advocate is largely exempt from PRA requirements such as submitting information collections to the Office of Management and Budget (OMB) for review, displaying OMB control numbers, or indicating that a collection is cleared by the PRA. However, it explicitly maintains certain PRA requirements related to public notice and comment periods for information collections.
Supporters argue
Supporters argue that this exemption removes unnecessary bureaucratic hurdles that can significantly slow down the Advocate's ability to gather timely and relevant information from small businesses. They contend that this streamlining is crucial for the Advocate to effectively fulfill its mission of supporting capital formation and that the retained public notice and comment requirements ensure sufficient transparency and public input.
Critics contend
Critics might argue that even with retained public notice provisions, removing the requirement for OMB oversight and the display of control numbers could lead to less standardized or potentially burdensome information requests from the Advocate. They contend that this erosion of full PRA protections could undermine the Act's purpose of minimizing the federal paperwork burden on the public and ensuring consistent agency practices.
Tradeoffs
This provision navigates the tension between enhancing administrative efficiency for a specific government office and maintaining the broader principles of federal oversight and public burden reduction embodied in the Paperwork Reduction Act. It seeks to empower the Advocate while attempting to retain a degree of public safeguard through specific retained PRA requirements.
This subparagraph specifies that, notwithstanding the general exemption, certain requirements under the Paperwork Reduction Act (specifically subsections (c)(1), (c)(4), and (i) of section 3506 and section 3507(a)(1)(A) of title 44, United States Code) will still apply to actions taken by the Advocate for Small Business Capital Formation. These retained requirements generally pertain to public notice and comment periods for proposed information collections.
Section 2, subparagraph (B) of the new Section 4(j)(10)
Why it matters:This is standard legislative drafting practice to precisely define the scope and limitations of an exemption, rather than an attempt to obscure the provision. The specific references ensure legal clarity on what remains applicable.
Case for: Supporters argue that retaining these specific PRA sections ensures that the public, including small businesses, still has an opportunity to comment on the Advocate's information collection requests. This provides a crucial check on potential overreach and ensures some level of public input, striking a balance between efficiency and accountability.
Case against: Critics might contend that while these provisions offer some public input, they are insufficient without the full suite of PRA protections, including OMB review and the requirement for control numbers. They could argue that the retained provisions alone may not fully prevent potential burdens or ensure consistency across federal information collections.
Estimated impact: Ensures a minimal but important level of public transparency and input for the Advocate's information collections, preventing a complete bypass of public scrutiny and allowing stakeholders to voice concerns about proposed data requests.