Improving Access to Small Business Information Act
Officially: “Improving Access to Small Business Information Act” Read the full text
What it does
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1Short title
This section would give the Act its short title: the Improving Access to Small Business Information Act.
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1. Short title This Act may be cited as the Improving Access to Small Business Information Act .
2Exclusion from the Paperwork Reduction Act
This section would add a new paragraph to Section 4(j) of the Securities Exchange Act of 1934, the subsection that covers the Advocate for Small Business Capital Formation. It would state that actions the Advocate takes under that subsection do not count as a collection of information under the Paperwork Reduction Act (the law in subchapter I of chapter 35 of title 44 of the United States Code that generally requires federal agencies to get advance clearance before collecting information from the public). Because of this, the Advocate's actions would not have to go through the Paperwork Reduction Act's usual process. The section then carves back in certain requirements: despite that general exclusion, the requirements under subsections (c)(1), (c)(4), and (i) of section 3506 of title 44, and under section 3507(a)(1)(A) of title 44, would still apply to the Advocate's actions. But even with those requirements applying, the Commission would not have to do three specific things for a collection of information by the Advocate: submit it to the Director of the Office of Management and Budget; display a control number on it, or tell a person receiving it that it needs to display a control number; or indicate that it meets the clearance requirements of section 3507 of title 44.
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2. Exclusion from the Paperwork Reduction Act 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) Exclusion from the Paperwork Reduction Act (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 such title 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. .
Where it is
In the House.