Federal Agencies Must Report How Regulations Impact Small Businesses.
This law requires federal agencies to submit reports to Congress explaining exactly how they assess the impact of new rules on small businesses. The goal is to increase transparency in the regulatory process, ensuring that agencies clearly define when a rule creates a "significant economic impact" on smaller entities. This measure aims to potentially reduce future regulatory burdens on small companies.
Key points
Federal agencies must define the criteria they use to determine if a new regulation will have a "significant economic impact" on small businesses.
The requirement helps Congress monitor whether agencies adequately protect small firms from excessive regulatory burdens.
Reports detailing the application of the Regulatory Flexibility Act must be submitted within 90 days.
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