Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill amends section 4(j) of the Securities Exchange Act of 1934 to clarify that actions by the Advocate for Small Business Capital Formation are not a "collection of information" under the Paperwork Reduction Act.
It creates a limited exemption while preserving certain PRA-related statutory subsections, but removes requirements that the Commission submit the Advocate’s collections to OMB, display a PRA control number, or indicate PRA clearance.
The change is a narrow, technical carve-out focused on information-collection procedures for the Advocate.
Narrow, noncontroversial administrative relief with minimal fiscal impact has a high chance, though procedural Senate steps and agency reactions create some risk.
Relative to its intended legislative type, this bill is a focused statutory amendment that clearly and precisely modifies how the Paperwork Reduction Act applies to actions of the Advocate for Small Business Capital Formation. The amendment is specific in its textual placement and cross-references, providing a clear legal mechanism for the exemption while preserving selected PRA subsections.
Trade-off: regulatory speed versus OMB oversight and transparency
Trade-off: regulatory speed versus OMB oversight and transparency
A mainstream progressive would likely welcome efforts to help small businesses access capital but be wary of weakening transparency and privacy protections.
They would view this as a narrow deregulatory step that could speed outreach, yet demand safeguards and reporting to prevent abusive data collection.
Supportive if privacy and accountability conditions are added.
A pragmatic moderate would see this as a narrow, technical fix to streamline a statutory advocacy office.
They would appreciate reduced procedural friction while asking for clear limits, oversight, and minimal paperwork protections.
Likely to support if accompanied by clear scope and reporting requirements.
A mainstream conservative would generally favor reducing paperwork and regulatory burdens on government processes that assist small businesses.
They would view the exemption as a pro-business, deregulatory technical correction enabling faster advocacy.
Few ideological objections, though some may request limits on federal data grabs.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Narrow, noncontroversial administrative relief with minimal fiscal impact has a high chance, though procedural Senate steps and agency reactions create some risk.
On Motion to Suspend the Rules and Pass, as Amended
Trade-off: regulatory speed versus OMB oversight and transparency
Narrow, noncontroversial administrative relief with minimal fiscal impact has a high chance, though procedural Senate steps and agency reac…
Relative to its intended legislative type, this bill is a focused statutory amendment that clearly and precisely modifies how the Paperwork Reduction Act applies to actions of the Advocate for Small Business Capital For…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.