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Enhanced Protection for Small Businesses from Regulatory Impact

This act aims to better protect small businesses from the negative effects of new regulations. It requires government agencies to conduct more thorough analyses of the impact of regulations on small entities, including their costs and benefits. Additionally, it introduces the possibility of waiving financial penalties for small businesses for initial minor paperwork violations.
Key points
Government agencies must thoroughly assess the impact of new regulations on small businesses, considering both direct and indirect economic effects.
The act mandates the analysis of beneficial impacts of regulations on small businesses as well.
The definition of a small organization has been expanded to include certain non-profit organizations and labor unions.
Agencies will be required to publish easy-to-understand summaries of planned regulations on their websites.
Small businesses may avoid financial penalties for first-time, minor paperwork violations, unless the violation is serious or not corrected.
The role of the Chief Counsel for Advocacy has been strengthened in the rulemaking and review process.
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Additional Information
Print number: 118_HR_358
Sponsor: Rep. Cline, Ben [R-VA-6]
Process start date: 2023-01-13