Increased Transparency for Federal Regulations Affecting Small Businesses
New legislation aims to enhance transparency in the federal regulatory process, especially for rules impacting small businesses. Small entities will gain the ability to challenge agency assessments of new regulations' economic impact, potentially leading to better-tailored rules. The act also introduces mechanisms for reviewing existing regulations to ensure they remain relevant and do not unduly burden small businesses.
Key points
Small businesses can now challenge agency assessments of how new rules will affect them, giving them more say in the regulatory process.
Federal agencies must more thoroughly consider indirect costs that new regulations might impose on small businesses, even those not directly regulated.
If an agency fails to conduct a required review of a rule within 10 years, that rule may cease to apply to small businesses, increasing agency accountability.
All guidance and relevant documents for rules significantly impacting small businesses will be published online, allowing for public feedback.
Introduced
Citizen Poll