Improving Access to Small Business Information Act
Summary
What This Bill Does
The Improving Access to Small Business Information Act changes how Paperwork Reduction Act rules apply to the SEC Advocate for Small Business Capital Formation. It amends Securities Exchange Act section 4(j) to say actions taken by the Advocate are not collections of information for general Paperwork Reduction Act purposes. The bill preserves selected requirements under 44 U.S.C. 3506(c)(1), 3506(c)(4), 3506(i), and 3507(a)(1)(A), but it removes three core clearance mechanics for the Advocate's collections: the SEC would not have to submit those collections to the Office of Management and Budget Director, would not have to display or explain a control number, and would not have to indicate that the collection complies with the ordinary section 3507 clearance process.
Who Benefits and How
The SEC Advocate for Small Business Capital Formation, SEC small-business policy staff, small businesses seeking capital, entrepreneurs responding to SEC outreach, small broker-dealers, crowdfunding issuers, rural small-business owners, and capital-formation researchers benefit because the Advocate can collect feedback more quickly without waiting for full OMB clearance or control-number mechanics.
Who Bears the Burden and How
The Office of Management and Budget, OMB information-policy staff, the Securities and Exchange Commission, SEC paperwork-review staff, public commenters concerned with survey burden, and people receiving Advocate information requests bear burdens or lose procedural protection because the bill removes OMB submission and control-number oversight while leaving the SEC responsible for limited internal burden review.
Key Provisions
- Amends Exchange Act section 4(j) for the Advocate for Small Business Capital Formation.
- Provides that Advocate actions are not collections of information for general Paperwork Reduction Act purposes.
- Requires selected section 3506 and 3507 burden-review requirements to continue applying.
- Bars the need to submit Advocate collections to the OMB Director.
- Bars control-number display and notice requirements for Advocate collections.
- Limits ordinary section 3507 clearance compliance statements for Advocate collections.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
Exempts actions by the SEC Advocate for Small Business Capital Formation from being treated as Paperwork Reduction Act collections while preserving selected burden-review requirements and removing OMB submission, control-number display, and ordinary section 3507 clearance mechanics for the Advocate's information gathering.
Key Policy Areas
Financial Services, Small Business, Regulatory Process
Primary Purpose
Exempts actions by the SEC Advocate for Small Business Capital Formation from being treated as Paperwork Reduction Act collections while preserving selected burden-review requirements and removing OMB submission, control-number display, and ordinary section 3507 clearance mechanics for the Advocate's information gathering.
Policy Domains
Substantive provisions
Identified Gains
- SEC Advocate for Small Business Capital Formation
- SEC small-business policy staff
- Small businesses seeking capital
- Entrepreneurs responding to SEC outreach
- Small broker-dealers
- Crowdfunding issuers
- Rural small-business owners
- Capital-formation researchers
Identified Costs
- Office of Management and Budget
- OMB information-policy staff
- Securities and Exchange Commission
- SEC paperwork-review staff
- Public commenters concerned with survey burden
- People receiving Advocate information requests
Sponsors
Legislative Progress
Passed HouseReceived; read twice and referred to the Committee on Banking, …
Passed House (inferred from eh version)
Received in the Senate and Read twice and referred to …
DEBATE - The House proceeded with forty minutes of debate …
Passed/agreed to in House: On motion to suspend the rules …
Motion to reconsider laid on the table Agreed to without …
Considered as unfinished business. (consideration: CR H3519-3520)
On motion to suspend the rules and pass the bill, …
At the conclusion of debate, the Yeas and Nays were …
Considered under suspension of the rules. (consideration: CR H3501-3503)
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
OMB information-policy staff, Office of Management and Budget, SEC Advocate for Small Business Capital Formation
Positive-direction: SEC Advocate for Small Business Capital Formation
Negative-direction: OMB information-policy staff, Office of Management and Budget, SEC paperwork-review staff
Entrepreneurs responding to SEC outreach, Rural small-business owners, Small businesses seeking capital
On Motion to Suspend the Rules and Pass, as Amended
Improving Access to Small Business Information Act
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "advocate"
- → SEC Advocate for Small Business Capital Formation
- "paperwork_reduction_act"
- → chapter 35 of title 44 governing federal information collections
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