Increased Transparency for Federal Regulations Affecting Small Businesses
This act aims to increase transparency in federal agency decision-making processes, especially regarding their impact on small businesses. It gives small business owners a greater opportunity to influence new regulations that might affect their operations by extending the public comment period and ensuring federal agencies thoroughly justify their decisions.
Key points
Federal agencies must now provide detailed factual basis for why new regulations will not significantly impact small businesses.
The Small Business Administration's (SBA) Chief Counsel can challenge these justifications, leading to re-evaluation and extended public comment periods.
If the justification is insufficient, the agency must conduct further analysis of the impact on small businesses before implementing new rules.
Status:
Expired
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