Improving Access to Small Business Information Act
- Bill Number
- S. 3411
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2025-12-10: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2026-01-12T22:12:33Z
AI-Generated Summary
Purpose The legislation aims to reduce administrative burdens on the Advocate for Small Business Capital Formation by clarifying that certain activities are exempt from full compliance with the Paperwork Reduction Act.
Key Provisions
- The bill amends Section 4(i) of the Securities Exchange Act of 1934.
- It adds a new subsection stating that actions by the Advocate are not considered a "collection of information" under the Paperwork Reduction Act (subchapter I of chapter 35 of title 44, United States Code).
- Specific requirements from sections 3506(c)(1), (c)(4), and (i) and 3507(a)(1)(A) of title 44 still apply, but the Securities and Exchange Commission (SEC) is not required to submit collections to the Office of Management and Budget, display control numbers, or indicate compliance with clearance procedures.
Significant Changes to Existing Law This measure creates a targeted exemption from standard Paperwork Reduction Act procedures for the Advocate's work, while preserving limited oversight requirements. It modifies the interaction between the Securities Exchange Act and the Paperwork Reduction Act without altering the core definitions or general scope of either statute.
Potential Impacts
- Government agencies: Reduces paperwork and review obligations for the SEC and the Advocate's office.
- Citizens and small businesses: May enable faster information gathering and dissemination to support capital formation, with minimal direct effects on the public.
- International relations: No anticipated effects.
Main Stakeholders
- The Securities and Exchange Commission, particularly the Office of the Advocate for Small Business Capital Formation.
- Small businesses seeking capital formation assistance.
- Members of Congress, including the bill's sponsors.
Notable Legal, Constitutional, or Political Implications The change streamlines regulatory processes within an existing agency framework but does not appear to raise new constitutional questions. It maintains partial compliance with information collection rules, balancing efficiency with limited accountability measures.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (1)
Sen. Cortez Masto, Catherine [D-NV]
Recent Actions
- 2025-12-10: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2025-12-10: Introduced in Senate
Bill Versions
- Improving Access to Small Business Information Act — issued 2025-12-10 — PDF (3 pages)