Enhanced Regulatory Assessment: Protecting Small Businesses from Overburdening Rules
This Act mandates federal agencies to conduct significantly more detailed and quantifiable economic analyses before implementing new regulations. The goal is to shield small businesses from excessive, cumulative, or disproportionate compliance costs and potential impairment of credit access. For citizens, this means greater scrutiny of regulations that could otherwise harm local businesses, potentially supporting job stability and local economies.
Key points
Agencies must provide a detailed estimate of the additional cumulative economic impact of proposed rules on small entities.
Requirement to describe any disproportionate economic impact on specific classes of small businesses or any impairment of their ability to access credit.
Agencies must quantify the effects of proposed rules and alternatives, or provide a detailed explanation why quantification is not feasible.
The full regulatory flexibility analysis must be made publicly available on the agency's website, increasing transparency.
Expired
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