Increased Regulatory Transparency for Small Business Economic Impact.
This law requires federal agencies to provide more detailed justification when claiming new regulations will not significantly harm small businesses. Agencies must now estimate the total cost of compliance, often measured as a percentage of small entities' revenue, and clearly identify the number of affected businesses. This aims to protect small businesses from unexpected and costly regulatory burdens, potentially supporting economic stability.
Key points
Agencies must estimate the total cost of compliance for small businesses, including measuring it as a percentage of their revenue.
New regulations require explicit determination of how many small businesses will face a significant financial impact and the criteria used for that assessment.
Requirement to identify impacted small entities, including their industry classification code (NAICS).
Expired
Citizen Poll