To amend the Securities Exchange Act of 1934 to specify that actions of the Advocate for Small Business Capital Formation are not a collection of information under the Paperwork Reduction Act.
Sponsors
Young Kim
R-CA | Primary Sponsor
Legislative Progress
ReportedReported from the Committee on Financial Services with an amendment
Committee on Oversight and Accountability discharged; committed to the Committee …
Mrs. Kim of California (for herself and Mr. Gottheimer) introduced …
Summary
What This Bill Does
This bill exempts the SEC's Advocate for Small Business Capital Formation from the Paperwork Reduction Act when gathering information. The Paperwork Reduction Act typically requires lengthy OMB approval for any federal information collection, which can delay the Advocate's work.
Who Benefits and How
The SEC Small Business Advocate benefits from faster ability to survey and gather information from small businesses. Small businesses benefit from the Advocate being able to more quickly identify and address their capital formation challenges without bureaucratic delays.
Who Bears the Burden and How
No significant burden created. This is a regulatory streamlining measure that removes an administrative requirement.
Key Provisions
- Exempts SEC Advocate for Small Business Capital Formation from Paperwork Reduction Act
- Applies to all actions taken by the Advocate under their statutory authority
- Allows faster information gathering without OMB clearance process
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Exempts the SEC Advocate for Small Business Capital Formation from Paperwork Reduction Act requirements when collecting information from small businesses.
Policy Domains
Legislative Strategy
"Remove bureaucratic hurdle that slows SEC small business advocacy office"
Likely Beneficiaries
- SEC Advocate for Small Business Capital Formation
- Small businesses seeking capital
Likely Burden Bearers
- None significant - reduces administrative burden
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "advocate"
- → Advocate for Small Business Capital Formation (SEC)
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology