Improving Access to Small Business Information Act
Floor Speech
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Mr. HILL of Arkansas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3351) to amend the Securities Exchange Act of 1934 to specify that actions of the Advocate for Small Business Capital Formation are not a collection of information under the Paperwork Reduction Act, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows: H.R. 3351
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.
This Act may be cited as the ``Improving Access to Small Business Information Act''. SEC. 2. PAPERWORK REDUCTION ACT REQUIREMENTS EXEMPTIONS.
Section 4(j) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(j)) is amended by adding at the end the following:
``(10) Preservation of information collection burden review.--
``(A) In general.--Actions taken by the Advocate for Small Business Capital Formation under this subsection shall not be a `collection of information' for purposes of subchapter I of chapter 35 of title 44, United States Code (commonly known as the `Paperwork Reduction Act').
``(B) Exceptions.--Notwithstanding subparagraph (A), the requirements under subsections (c)(1), (c)(4), and (i) of section 3506 of title 44, United States Code, and section 3507(a)(1)(A) of such title shall apply to actions taken by the Advocate for Small Business Capital Formation under this subsection, except that the Commission shall not be required--
``(i) to submit a collection of information by the Advocate to the Director of the Office of Management and Budget, as referenced under section 3506(c)(1)(A) of such title;
``(ii) to display a control number on a collection of information by the Advocate, as described under section 3506(c)(1)(B)(i) of such title (or to inform a person receiving a collection of information from the Advocate that the collection of information needs to display a control number, as described under section 3506(c)(1)(B)(iii)(V) of such title); or
``(iii) to indicate a collection of information by the Advocate is in accordance with the clearance requirements of section 3507 of such title, as described under section 3506(c)(1)(B)(ii) of such title.''.
Mr. Speaker, I rise in strong support of H.R. 3351, the Improving Access to Small Business Information Act.
The SEC's Office of the Advocate for Small Business Capital Formation is a vital tool for small businesses and entrepreneurs. The advocate hears firsthand from businessowners about the real-world issues that they are facing when raising capital.
Outdated regulations make it more difficult than it needs to be. Our current laws can trigger the full weight of the Paperwork Reduction Act when the advocate's intention is to simply collect feedback from these small businesses. That is simply bureaucratic overreach run amok.
Mrs. Kim's bill provides a simple and practical fix. It clarifies that the advocate's outreach activities are not subject to the Paperwork Reduction Act's requirements. Removing these unnecessary burdens will strengthen the advocate's ability to shape policy based on real-world business experience.
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Mr. HILL of Arkansas. Mr. Speaker, I include in the Record the CBO estimate for this bill. H.R. 3351, IMPROVING ACCESS TO SMALL BUSINESS INFORMATION ACT, AS
REPORTED BY THE HOUSE COMMITTEE ON FINANCIAL SERVICES ON JUNE 3, 2025 ------------------------------------------------------------------------ By fiscal year, millions of dollars-- ------------------------------- 2025 2025-2030 2025-2035 ------------------------------------------------------------------------ Direct Spending (Outlays)............... 0 0 0 Revenues................................ 0 0 0 Increase or Decrease (-) in the Deficit. 0 0 0 Spending Subject to Appropriation * * ** (Outlays).............................. ------------------------------------------------------------------------ * = between -$500,000 and $500,000. ** = not estimated.
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2036? No.
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2036? No.
Statutory pay-as-you-go procedures apply? No.
Mandate Effects:
Contains intergovernmental mandate? No.
Contains private-sector mandate? No.
H.R. 3351 would exempt the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission (SEC) from most provisions of the Paperwork Reduction Act. The bill would not affect requirements to estimate the burden of collecting information, verify that its collection is necessary, and ensure that people providing information are informed about how it will be used. Under the bill, the office would no longer be required to seek or obtain approval from the Office of Management and Budget to collect information or announce such collections in the Federal Register.
The exemption under the bill could reduce the SEC's costs by an insignificant amount each year. Because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that the agency would adjust fees to match lower operating costs. On that basis, CBO estimates that the net effect on discretionary spending over the 2025- 2030 period would be negligible, assuming appropriation actions consistent with that authority.
The CBO staff contact for this estimate is Aurora Swanson. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.2 Phillip L. Swagel, Director, Congressional Budget Office.
Mr. Speaker, for the reasons I have explained, I support Mrs. Kim's commonsense bill. I think it makes it better for everyone involved if we have easier access to the information we need to streamline policy and make it easier for our small businesses to raise the capital that they need to be successful.
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Mr. HILL of Arkansas. Mr. Speaker, on that I demand the yeas and nays.
The yeas and nays were ordered.
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