Greater Transparency and Accountability for Federal Rules Impacting Small Businesses.
This law strengthens oversight over how federal agencies create new regulations that might harm small businesses. It establishes a formal process allowing small entities to challenge an agency's claim that a new rule will not have a significant economic impact on them. If agencies fail to cooperate with reviews or neglect mandatory 10-year reviews of existing rules, those rules may cease to apply to small businesses.
Key points
Federal agencies must now analyze indirect costs of new regulations affecting small businesses (including suppliers and customers).
Small businesses gain the right to petition the SBA to force a full economic analysis if they believe a proposed rule is too costly.
If an agency fails to conduct a required 10-year review of an existing rule, that rule automatically ceases to be effective for small entities.
Status:
Expired
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