Improving Access to Small Business Information Act
- Bill Number
- H.R. 3351
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Passed House
- Latest Action
- 2025-07-22: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2026-07-11T01:13:29Z
AI-Generated Summary
Purpose
The "Improving Access to Small Business Information Act" (H.R. 3351) aims to streamline the operations of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission (SEC). It does this by exempting the Advocate's information-gathering activities from most requirements of the Paperwork Reduction Act (PRA), a law that controls how federal agencies collect data from the public to minimize paperwork burdens. The goal is to make it easier for the Advocate to provide timely assistance and information to small businesses raising capital.
Key Provisions
- Exemption from PRA: Actions by the Advocate, such as surveys or requests for information, are not classified as a "collection of information" under the PRA (codified in Title 44 of the U.S. Code). This removes the need for lengthy approvals and reduces administrative hurdles.
- Limited Exceptions: Certain PRA rules still apply, including:
- General information management standards (e.g., ensuring data accuracy and privacy under sections 3506(c)(1), 3506(c)(4), and 3506(i)).
- Public notice requirements for proposed collections (under section 3507(a)(1)(A)).
- Specific Waivers: The SEC is not required to:
- Submit the Advocate's collections to the Office of Management and Budget (OMB) for review.
- Assign or display OMB control numbers on these collections.
- Certify that the collections meet full PRA clearance standards.
- Scope: The changes apply specifically to the Advocate's role under Section 4(j) of the Securities Exchange Act of 1934, which established the Advocate to represent small business interests in SEC rulemaking and enforcement.
Significant Changes to Existing Law
- Amends Section 4(j) of the Securities Exchange Act of 1934 by adding a new subsection (10), creating a targeted exemption for the Advocate's activities.
- Previously, all SEC information collections, including those by the Advocate, were subject to full PRA oversight, which could delay assistance to small businesses due to mandatory reviews and approvals. This bill shifts the Advocate's work to a lighter regulatory framework while preserving core protections like data privacy.
Potential Impacts
- On Government Agencies: The SEC gains flexibility to support small businesses more quickly without routine OMB delays, potentially improving efficiency in capital formation guidance. However, it maintains basic accountability to prevent misuse of information collection.
- On Citizens: Small business owners and entrepreneurs benefit from faster access to SEC resources, advice, and data on raising funds through securities markets, reducing barriers to growth.
- On International Relations: No direct impacts, as the bill focuses on domestic SEC operations and small business support.
Main Stakeholders Affected
- Small Businesses: Primary beneficiaries, as they receive more efficient help from the Advocate in navigating capital markets and SEC regulations.
- Securities and Exchange Commission (SEC): Gains operational relief, allowing the Advocate to focus on advocacy rather than paperwork compliance.
- Advocate for Small Business Capital Formation: Directly empowered with reduced bureaucratic constraints to fulfill its mandate of assisting small issuers.
- Office of Management and Budget (OMB): Sees a narrower role in reviewing SEC activities, potentially lightening its workload for these specific collections.
Notable Legal, Constitutional, or Political Implications
- Legal: Reinforces the Advocate's independence within the SEC while upholding essential PRA safeguards (e.g., against unnecessary data burdens), ensuring compliance with broader federal information management laws. It avoids broader PRA exemptions that could invite challenges over agency overreach.
- Constitutional: No direct implications, as it operates within Congress's authority to regulate federal agencies and commerce (under Article I, Section 8). It promotes administrative efficiency without infringing on individual rights.
- Political: Supports pro-small business policies by easing regulatory burdens, potentially appealing to bipartisan interests in economic growth. It could set a precedent for targeted exemptions in other advocacy roles, influencing future legislation on federal paperwork reduction.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (3)
Rep. Gottheimer, Josh [D-NJ-5], Rep. Sessions, Pete [R-TX-17], Rep. Fitzpatrick, Brian K. [R-PA-1]
Recent Actions
- 2025-07-22: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2025-07-21: Motion to reconsider laid on the table Agreed to without objection.
- 2025-07-21: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 387 - 12 (Roll no. 214). (text: CR H3501-3502) (Roll call 214)
- 2025-07-21: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 387 - 12 (Roll no. 214). (text: CR H3501-3502: 1) (Roll call 214)
- 2025-07-21: Considered as unfinished business. (consideration: CR H3519-3520)
- 2025-07-21: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- 2025-07-21: DEBATE - The House proceeded with forty minutes of debate on H.R. 3351.
- 2025-07-21: Considered under suspension of the rules. (consideration: CR H3501-3503)
- 2025-07-21: Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
- 2025-06-03: Placed on the Union Calendar, Calendar No. 88.
- 2025-06-03: Committee on Oversight and Gov Reform discharged.
- 2025-06-03: Committee on Oversight and Gov Reform discharged.
- 2025-06-03: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-118, Part I.
- 2025-06-03: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-118, Part I.
- 2025-05-20: Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.
Bill Versions
- Improving Access to Small Business Information Act — issued 2025-07-21 — PDF (4 pages)
- Improving Access to Small Business Information Act — issued 2025-05-13 — PDF (3 pages)
- Improving Access to Small Business Information Act — issued 2025-07-22 — PDF (3 pages)
- Improving Access to Small Business Information Act — issued 2025-06-03 — PDF (6 pages)