Vote Smart's Synopsis:

Vote to pass a bill that expands the requirements for federal agency rule-making for small businesses, organizations, and governmental jurisdictions.

Highlights:

• Expands the requirements for federal agency rule-making for small businesses, organizations, and governmental jurisdictions (Sec. 2-4).

• Specifies when conducting an initial regulatory flexibility analysis, that agencies must include, where feasible, any reasonably foreseeable potential indirect costs the proposed rule may impose on such small entities (Sec. 2-4).

• Specifies that if an agency certifies that an initial regulatory flexibility analysis is not required because the rule will not have a significant economic impact on a substantial number of small entities, the agency must provide such certification within 10 days to the Office of Advocacy of the Small Business Administration (Sec. 2-4).

• Authorizes a small entity or group of small entities to petition the Office of Advocacy to review such certification (Sec. 2-4).

• Requires the petition to include specified information, such as the issues the petitioner believes should be addressed and a proposed solution to the issues raised (Sec. 2-4).

• Specifies that If the Office of Advocacy ultimately determines, upon a full review of the petition, that the proposed rule would have a significant economic impact on a substantial number of small entities, the agency promulgating the rule must perform an initial and final regulatory flexibility analysis for the rule (Sec. 2-4).

• Establishes that if the agency does not participate or assist in the full review process, the finalized rule shall not apply to small entities (Sec. 2-4).

• Requires agencies to publish, and allow for comments on, all guidance documents for any rule an agency determines is likely to have a significant economic impact on a substantial number of small entities (Sec. 2-4).

Full Bill Text

Full Bill Text